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By a staff reporter:
*
Pre-Open Daily Tech view of Nifty Spot for 03.08.2021*
Yesterday the week of the new month was started with a bullish note. Opening was more than 100 points Gap up at 15874 but instant low was at 15834. Then up trend maintained throughout the day upto 2:00 pm, High was 15889.90 then in last leg sudden profit taking but not below 15840 and immediate V shaped recovery and made a new high at 15892 and finally settled at almost top of the day at 15885. Day to day basis up 122 points.
Technically this starting with a good strength as a consequences of last week’s hammer type weekly candle formation ignoring last Friday’s shooting star type bear reversal candle formation in daily chart. Throughout the day Nifty maintained it’s strength not only above 20 dma 15800 but also above crucial level 15840. Monday’s move basically driven by auto, IT, select banks, and FMCG stocks.
*But still as last closing was at a very crucial whipsaw area and formed a perfect Hanging man pattern at the top as per daily chart & last trading range was extremely narrow with 58 points, which depicted in an indecisive mode so Traders should wait for a strong breakout above 15910+ before creating long positions in the index.*
*More specifically to say 15795/810 to be the crucial level for the down side while 15895/15910 to be acted as initial key barrier for the upside.*
As today’s Asian cues are mostly in red so here expected opening may be subdued facing with barrier in between 15910-950.
*Intraday basis :-*
*On the Upside :-* Nifty bulls need to move above 15910 for a move back to 15930-15965.
*On the Down side* :- Nifty Bears will get active below initially 15860 for the 1st support 15840 & then 15811. Then only swing basis Lower supports are 15790-15770. Strong support 15745-717.
*The options data* indicates that the Nifty may see a broader trading range of 15600-16200 levels in the coming sessions.
*India VIX* remained flattish at 12.80 levels after declining in the previous two sessions.