Pre-Open Daily Tech view of Nifty Spot for 02-03-2023

BY A STAFF REPORTER 

Yesterday Nifty started the month with a positive note at 17360 & maintained the positive trend throughout the session, High printed at 17467 & finally settled at 17451 snapping an eight-day losing streak , day to day basis up by 147 points. 

It formed a bullish candlestick on the daily charts and negated the lower highs and lower lows formation of the last eight sessions.



The index decisively climbed above the 200DSMA = 17392 & 5DSMA = 17425. MAX Pain is at 17450



Intraday Trading Levels:-

Positive above 17470 then resistances are 17497-17525 and 17576.

Negative Below 17425 then supports are 17393 - 17374 and 17331/313 .



Swing basis if the index sustains the uptrend and close above 17600 then 17800 is expected to be the key resistance area, with support at 17300



As per Option data the current range is on the downside 17400 and on the upside 17600.



India VIX fell 7.31 % to 13 levels. Volatility cooled down considerably favorable for bulls.



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Source : Eureka

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