Pre-Open Daily Tech View of Nifty Spot for 10.01.2022
Last Friday Nifty rallied 66 points or 0.38% & settled above 17800 at 17812.
Friday Op:- 17797 Hi:- 17905 Low :- 17704 & Cl :- 17812.
As per daily chart Nifty formed a Spinning Top type Doji candle which indicates absence of follow up buying at higher zones and indecisive which indicates range bound consolidation phase in between 17944 & 17655. Closing was supported by 5 dma 17777.
Beyond this range either side big trending move possible. To maintain uptrend should hold 17655 on the Down side but fresh bullish strength only after breaking & sustain above 17944 on the upside & then move to be extended towards 18131 & even 18200.
Only below 17655 Nifty may come down towards 17660 & then 17500 levels where 50-DMA & 17440 - 20 EMA – crucial support areas.
Source : Eureka
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