*Pre-Open Daily tech view of Nifty Spot for 08-08-2022*

Last Friday Nifty started the session with almost 40 points higher opening at 17424 and remained on the higher side for the major part of the session, day’s high printed at 17474. It failed to cross the tentative barrier 17500 & slipped from there. In late trade made a low at 17349 but immediately bounced back amid volatility and closed with 15 points gains at 17397, closed just below 17400 while W to W basis up by 240 points.

Technically, it formed a Doji kind of pattern on the daily charts, indicating the indecisiveness about future trend though finally the week ended with bullish candlestick pattern on the weekly charts.

Nifty seems to be overbought after 2300 points or 15% non stop rally in consecutive 7 weeks < i.e. 1 & ½ months> positive journey with increasing volatility last week. Therefore, chances of either minimum profit booking or consolidation and range bound trade can continue in the coming week too with focus on global cues, domestic data points and last phase of corporate earnings, though the overall tone is likely to remain positive.

Other important key factors are :- Inflation and Industrial Output - US inflation - Oil Prices –FIIs data etc.

If consolidation is likely to continue with 17200-17150 as the next support area followed by 17000, while the resistance would be 17500 and breaking of the same can take the index towards 17700-800 levels.

*On the down side Supports are :- 17334—17286 & then 17231. Major 17161*.

*On the upside Resistances are :- 17432—17465-17499 & then break out basis 17532—17582.*

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