Pre-Open Daily Tech View of Nifty Spot for 13.08.2021 Yesterday Nifty Spot as expectation Higher opened at 16303 with immediate basis low at 16287 < i.e. day’s low >supported by 5 DMA 16284.Then continuous rising & printed day’s High at 16375.Nifty finally settled at 16364,up by 82 points or 0.50%.
Nifty formed a bullish candle on the daily frame and not only gave its highest daily close but also tried to break the upper edge of it’s current range 16160 to 16360.
Currently 16285/300 to 16375/400 is the extended current trading range.
For Up move Bulls should not only hold 16285 mark as on closing basis but also side by side should break and stays above the upper edge of the range 16375 & mainly 16400 mark & that to witness an upmove towards 16500 & above. Otherwise below 16280 they may take support further at either 16225 or 16161.
Technically, though the Nifty came out of its range of the previous few sessions and follow-up buying was seen at higher zones supported by momentum indicators like RSI and MACD, those are hinting at positive sentiment in the market but there may be occasional volatility there due to profit-booking at higher ends so high quality stock specific approach is better.
On the upside :-
For intraday basis :- Break out Bullish Move only above 16375 then in uncharted territory & projected upper hurdles are :- 16397--16412/25 & 16446.
For Swing basis:- Major hurdles are 16463/497 & 15520.
On the Down side :-
For Intraday basis :- Key Supports are below 16337/320 at 16285 & then only 16260 & 16225.
For swing basis :- 16200-16160 is an immediate and strong demand zone while 16085/16000/15960 will be critical support areas at any correction.
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