Pre-Open Daily Tech View of Nifty Spot for 31.08.2021

31/08/2021 08:49:22 AM   Aishwarya         6293


Spectacular rally.

After 50 points gap-up opening around at 16770 Nifty started off the week on a solid note and continued its uptrend for the second consecutive session of the September series.

Nifty jumped 225 points or 1.35% to 16931 and formed a bullish candle on the daily charts with higher highs-higher lows on the lower time frame. Last Friday Nifty bounced & rally started from 16565 mark.

Nifty set a new life time high at 16951, within 2 session almost 400 points rally. Nifty crossed all bullish hurdles specially trend line barrier at 16900 & closed above that.

Nifty has immediate support at 16700, while resistance may come around 17000.

Markets may take a pause near 17000-17050 due to an extended rally, while intraday charts suggest the market is in an overbought situation. Current RSI is 79 very close of the crucial level 80+.

On the down side :-

Preliminary basis Nifty bulls need to hold 16900-16880 range for rally to continue. Any violation of intraday support zone of 16880 levels may cause profit booking towards 16850-16800 levels. Last day’s low 16765 will be acted as a crucial upper edge of the Gap support area.

For Intraday basis :-

Below 16880 initial supports are at 16858-16830-16800 & then major 16765.

For swing basis :-

Below 16765 break down Gap support at 16722 & then very major 16692/655.

On the up side :-

For Intraday basis :-

If Nifty able to stay above 16953-959 then only next intraday basis primary resistances at 16990.

Above 17000 land mark next barriers are 17024 & 17054.

For Swing basis :-

Break out basis projected very strong cautious hurdles are :- 17111/140 & major 17186/211.

Option data suggest that the broader trading range in between 17100 to 16600 zones while an immediate trading range is in between 17000 to 16800 zones.

India VIX flat closing, down by 0.09% from 13.40 to 13.32 levels.

Source : Eureka

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