Pre Open Market Chart Analysis for 7th March 23 Shows Exhaustion

Pre Open Market Chart Analysis for 7 Mar 23 with 400 Points up move reveals exhaustion in Nifty.

Q) Why should pre open market chart of NIfty be of any help to make money?
A) Because of the reason of creating a spark for the up move! When there is a big push momentum is sparked.

 

1) Pre Open Market Chart Analysis for 7 Mar 23:

1. The reverse hanging man shows that the market up move may continue.
2. However, the median of the Bollinger band has been touched, and a big resistance has been erected.
3. The great resistance at 17683 has been scaled, which means that Nifty has a clear move till 17940.
4. All though Nifty may have a clear signal to move up, the median of the Bollinger band will play catch up.
5. Its clear that Nifty has scaled 400 points in 2 days. So some cool of maybe expected.
6. Now 17682 will act as a very big support for Nifty.

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2) SGX Nifty Trend for Today on 7 March 2023:

Today on 7th Mar 2023 SGX Nifty is showing a 4 Point HIGHER move at around 7:38 AM when I write this article.

SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react POSITIVE.

So Indian markets especially Nifty Trend Today would have a POSITIVE start.

 

3) World Market Analysis for 7th Mar 2023:

S&P 500: 2.78 (+0.07%)
NASDAQ: 11.68 (+0.1%)
Dow Jones: 40.47 (+0.12%)
Nikkei: 134.42 (+0.48%)

US markets were slightly positive on Friday. So SGX Nifty is following the US markets. Indian markets also will react slightly muted following Global cues in the pre-open. 

 

4) Nifty Supports and Resistances:

Nifty Supports:  17681, 17643, 17536, 17463, 17381, 17353, 17259, 17196, 17098,

Nifty Resistances:  17777,  17801,
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5) Pre Open Market Chart Analysis for 7 Mar 23 Conclusion:

1. Nifty has all the technical indicators showing up trend in the short term.
2. The trend lines show that Nifty has gained good support.
3. However, the median of the Bollinger band is a great resistance.
4. Now 17683 levels is acting as a great support.
5. And 17753 is acting as a big resistance.
6. If Nifty can make it above 17753 a clear path till 17940 is on the way.

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All in all, today Nifty will see some POSITIVE moves in the beginning and may scale to resistance levels today.

Considering the trends globally and Technical Analysis Nifty Trend Today will start POSITIVE.

Please let me know your thoughts about today’s pre open market chart analysis post in the COMMENTS below.
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