Pre-Open daily tech view of Nifty Spot for 20.04.2022

By a staff reporter:

Yesterday Nifty down -215 points or 1.25% & closed at 16959. Technically it formed a long bearish engulfing candle as per daily charts.

Though Nifty started the day with a higher opening at 17259 after four days of correction and climbed upto 17276 but a last-hour selloff pulled the index down vertically and drastically towards crucial technical level 16800 (almost) after breaking psychological 17000 mark.

The late hour sell-off due to weak global cues amid intensified Ukraine war dragged the market down for the fifth consecutive session.

The index broke the 200-day simple moving average (17166) and the psychologically vital 17000-mark but defended the 200-day exponential moving average (16825/30 area) by showing a 134 points recovery from the day's low of 16825. Down side major target met by bears.

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Source : Eureka

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