Pre-Open Daily Tech view of Nifty Spot for 08-09-2022

BY A STAFF REPORTER 

Expectation of Positive opening amid Green Global cues specifically after Wall Street’s rebound rally .

US Bond Yield fell 2-2.5%, WTI Crude fell 6%, Brent fell 5.5%, DOW up 435 points.....positive for market today. Today, weekly expiry day may be an another important day & First 15 Mins High and Low should decide the trend of the market.

Yesterday we have seen an another day of volatile trade. The index opened lower at 17519 and slipped to the day's low of 17484 but made a recovery in the afternoon to rise 17650 but still the index finally settled 31 points lower at 17624.

Though lower closing but technically chart pattern formed a bullish candle on daily basis as closing was almost 100 points higher than opening.

On the upside :- Intraday basis positive above 17656 for a move towards 17700 -17730—17777.
Swing basis bullish break out above 17777/17800 & then extended hurdles are 17830/855 -17919.

17570-550 important support area & that should hold to maintain the bullish move.

On the down side :- Intraday basis break down support 17522. Fresh negativity below that for a move towards 17484 & then 17455, major 17420. Swing basis Gap down Major support 17400-17380.
Should not break 17450-17400.

Therefore consolidation range is technically 17800 to 17400. Market is in a Trading mode but for a proper direction need to be a Trending mode.

India VIX was down 0.8% to 19.37 levels. S = 18 & R = 20/21

Options data gave a broader trading range of 17200-18000 for the Nifty in the coming sessions.

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