Pre-Open Daily Tech view of Nifty Spot for 01-08-2022

Last Friday was the another day of healthy gains, Day to Day basis Nifty Spot up 228 points or 1.35%.

Nifty settled at 17158, Closing basis not only above 200DSMA @17025 but also above 17100 backed by FII inflow.

This was the 3rd consecutive Hop Step jump with 2nd Gap <16947-17018> supported by 200DSMA & psychological fencing at 17000 mark. Daily basis chart formation also bullish.

However, the swift up move from the lows of 16438 to 17172 in just three trading sessions can lead to some consolidation or profit booking.

If consolidation continues for a couple of sessions above 200-day SMA can lead to higher mile stone of 17500+ levels. But if breaches & decisively breaks that 17000 land mark closing basis then initially may fill the GAP & correct upto 16800/16777 mark <5 DSMA>.

For Traders Important levels are :-

R:- Above 17177—17235—17295 & Major 17333—17390.

S:- Below 17080 -- 17025—16985—16926.

India VIX Day to Day basis fell 2.72% to 16.55 levels – bulls favourable area.

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