Pre-Open Daily Tech View of Nifty for 04.03.2022 as opening

By a staff reporter:

Russian troops are shelling Europe's largest nuclear power station in Ukraine. Asia stocks slide after that report, maximum down more than 2%.

Here another gap down opening is highly expected. Technically any decisive breaks below 16444 more bear indication. Chances to break 16200 & even may test 16000 /15900.

Yesterday Nifty opened 118 points higher at 16723 and high printed at 16769 but initial surge failed to cross & sustain at our tentative hurdle 16777 mark & slipped from there. Not only broke supports 16666 but also broke vital one 16555 & finally tested the most important one 16444 < Low 16442 > & closed below 16500 at 16498 down by 108 points or 0.65%. Nifty formed a bearish candle after doji suggests negative set up. Market continues to remain bearish amid weak global clues and rising crude oil price.

Nifty’s movements was range bound as per our pre-defined range & that was 16666 to 16444. Nifty oscillated between these 2 edges.

On the lower end, 16444 was a support; whereas, on the higher end 16666-16700 was resistance but if breaches 16444 then resistances will be shifted from 16666 to 16555/16444.

If 16444 level is breached than next supports will be at 16333—16210 -16133 & 16000 levels.

Source : Eureka

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Source : Eureka

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