Pre-open Daily Tech View of Nifty Spot for 29.07.2021

BY A STAFF REPORTER: 
Yesterday after almost flattish opening at 15761 and immediate basis high printed at 15767 failing to cross crucial hurdle 15777 turned lower vertically, straight way broke all important supports 15700-15666, 15630-610 & even broke recent bottom 15578 & hit an intraday low of 15513 within 1st leg of the trading session. But after testing almost 15500 the index showed very fast “V” shaped recovery & pulled back 78.6% of the fall from 15767 to 15513 i.e. around 15717. NS pull back high 15721 & finally settled at 15709 down by 37 points.

Yesterday was the day of roller coaster ride, volatile move as expectation which resulted in Hammer kind of formation on the daily charts. The Hammer is a bullish reversal pattern formed after a decline. As down side all swing tgt made & then formed a long tail hammer type candle which implied support at 15666-15630 but barrier further at 15787 & 15825. Despite this recovery advance decline ratio decisively remained skewed in favour of bears.

Further selling pressure in the Nifty if it breaks 15666-630 on a closing basis. Today we may see another volatile move.

Source : Eureka

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