Pre-Open daily Tech view of Nifty Spot for 29-09-2022
New Update
BY A STAFF REPORTER
Shares in the Asia-Pacific rose at the open on Thursday following a rebound on Wall Street overnight. The rally in the U.S. came after the Bank of England announced a temporary bond buying program. Dow surged 548.75 points, or 1.88% & S&P 500 gained almost 2%. Indices were lifted from their Yearly Lows.
As a continuation of the Global cues here also expectation of positive opening after 6 consecutive corrective pattern, lower top lower bottom formation and specially after last day’s Inverted Hammer type almost Doji type candle formation.
Yesterday Nifty fell 149 points to 16859 and formed Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears with negative bias failed to sustain above not only 200DSMA 16990 but also even above 200EMA 16890 ahead of monthly expiry of futures & options contracts and crucial RBI’s Monetary Policy meet.
Session started with a Gap down open @ 16863 & initially low printed at 16835 then High 17033 but failed to sustain above 17000 mark correction started & erased the full gain in rest of the sessions. Low printed at 16833 & settled at 16858.
Such formation after a reasonable weakness calls for a pullback rally from the lows. But the overall market trend is still weak and there is no such clear confirmation. Though as per price action & as per Elliot wave counting Daily chart is showing that after non stop correction from 18100 to 16800 Nifty currently lying at crucial support area i.e. 16800 & indicators are also almost oversold stage so chances of bouncing is very likely but stability at higher ends is questionable.
Primary hurdle is 17100 & major 17170/80. Fresh bullish strength will resume only after 17200. If any minor pull back occurs then it’s Primary support to be acted as 16800/16750 or if breaches further then very major at 16750 to 16666 crucial 50% retracement of last June onwards non stop big rally from 15183 to 18096.
On the upside:- In case of pull back Resistances are 16950—17000 & 17050. Major 17100 & vital 17170.
On the down side :- Supports are 16820—16777 & major 16722 <100DSMA> Major 16666 to 16600.
As per the Options data, the Nifty is likely to trade in the range of 16500-17100 levels in the coming sessions.
India VIX was up by 2.44 percent to 22.10 levels, giving discomfort to the bulls.
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