Daily Tech view of Nifty Spot for 08.04.2022

Daily Tech view of Nifty Spot for 08.04.2022
3rd consecutive basis negative closing. Day to Day basis down -168 points & settled at 17640. Bearish corrective mode closed below 17700 filled up the Gap ahead of Crucial Monetary Policy Meeting today.

Though formed a 3rd bearish candle but currently trading near the important retracement support level. Nifty has corrected over 475 points in last 3 days & one leg of correction was completed, chances of fresh recovery or quick relief rally possible.

On The Upside:-
Immediate basis above 17692 & 17730 1st crucial Resistance at 17777. Extended basis major 17850-17888. Swing basis very cautious barriers are 17950—18100 & positionally fresh bullish break out only above that.
 
On the Down side :-
immediate basis Supports are 17620 & then crucial 17577-550, should hold that & further bouncing possible from lower ends. But if breaches then extended lower Supports are 17500 & very major 17450 to 17400.

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Source : Eureka

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