Pre-Open Daily Tech View of Nifty Spot for 23-09-2022


23/09/2022 07:53:03 AM   Aniruddha Chakraborty         1642






BY A STAFF REPORTER:  Yesterday Nifty Spot ended the session 89 points lower at 17630.This was the extended down move after FED’s hawkish announcement & 2nd consecutive corrective session.


We have seen a range bound but volatile session almost 200 points movements yesterday. Weak opening at 17609 but initially low printed at 17532 then intraday good bouncing upto 17722 & after that slight easing finally settled at 17629.



The index formed a Doji pattern on the daily chart which indicated indecisiveness among the bulls and the bears about the future trend.



Nifty printed a lower top lower bottom formation which failed to sustain above 20dma 17700. Closing not only below that but also below 5dma 17666 indicating continuation of weakness. These 2 will be acted as immediate resistances for coming session. Immediate basis support to be considered as 17500-17450.



Therefore immediate range is 17700/750 to 17500/450 & extended basis wide range 17900—17300.



On the down side :-


Bears will get active below 17606 for a move towards 17570--17535—17466/444. Swing basis Major 17390—17343.



On the upside :-


Bulls will get active above 17675 for a move towards 17724—17777—17818. Major 17850-17918.



India VIX fell 2.63% to 18.82 levels, but needs to decline below 18 mark to make it bulls favour.



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Source : Eureka

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