Pre-Open Daily Tech view of Nifty Spot for 08-03-2023

Truncated week started with a Gap up note at 17680 with initially day’s low at 17671 < Gap in between 17645 to 17671> and hit an intraday high of 17799.95.Taking 50DEMA 17810 as a resistance Nifty failed to cross that hurdle and Some profit taking in later part of the session. Slipped from top around 90 points & finally, the index settled with 117 points or 0.67% gains at 17711.

It formed a small bodied bullish candle higher highs higher lows formation for the second consecutive session but pattern is Shooting Star type on the daily charts. This pattern is generally formed at the top of the uptrend & may act as bearish reversal pattern but requires confirmation. This formation will be negated & up move possible only crosses & stays above not only 17800 mark but also 50DSMA 17855/70 mark.

On the Upside:- Above Pivot hurdle @ 17728 Resistances are – 17777-17799 & then 17825-17855 < 50dma> . Break out basis swing hurdles are 17911—17983.

On the down side:- Support 17671-17645. Below that other supports are 17599-17566 & major 17519.

Option data suggested that the Nifty may trade in the range of 17550 to 17850 levels in near term.

India VIX rose by 0.71% from 12.18 to 12.27 levels, slightly increased but overall it has been cooling off from the last few sessions.

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Source : Eureka

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