Pre Open Share Market shows a silver lining in terms of US markets.
Though the Indian market is falling, US markets are pushing Asian markets to be higher because of their influence!
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1) Pre Open Share Market for 8 Feb 2023
- The issue with Nifty is that of the Inside candle on Monday which is a trend reversal signal.
- Support at 17777 didn’t hold yesterday which is a concern!
- But though Nifty went low till 17652 levels, we could still see that Nifty recovered almost half of the fall!
- Today will be a Gap Up opening, but will it sustain in the volatile market?
- Today’s market will be volatile because tomorrow is the weekly expiry.
- 20-Day EMA is a concern and not letting Nifty move higher!
2) SGX Nifty Trend for Today on 8th February 2023:
Today on 8th Feb 2023 SGX Nifty is showing a 68 Point HIGHER move at around 7:00 AM when I am writing 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 8th Feb 2023:
S&P 500: 52.92 (+1.29%)
NASDAQ: 263.76 (+2.12%)
Dow Jones: 265.67 (+0.78%)
Nikkei: 188.56 (-0.68%)
US markets are full fledged higher and pushing SGX to move higher. This will have positive impact on Indian markets.
4) Nifty Supports and Resistances:
Nifty Supports: 17700, 17653, 17600
Nifty Resistances: 17777, 17875, 17900, 17959
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5) Pre Open Share Market for 8 Feb 2023 Conclusion:
- The last 2 days have been very volatile markets, the support is not landing enough support.
- Now the question is will 17770 lend enough support?
- Resistance at 20-day EMA is killing Nifty. Nifty is not able to untangle the resistance.
- The lower band of Bollinger band has become the house of nifty for about a month.
- Those markets are pushing the Asian markets higher, the gap-up opening is not able to sustain.
- Also, the Hindenburg report is killing Adani stocks. Which is intern leading to Nifty fall.
- Until Nifty sustains about 17861 levels which is the 20-day Ema, we will not be able to move further higher.
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.
Happy Trading and Happy Money Making!