Pre-open Tech view of Nifty Spot for 24.09.2021 & onwards

‌Market completely in Bulls Grip & ended at record closing high after Federal Reserve policy meeting and easing of China's Evergrande issue. Yesterday Day to day basis Nifty rose 1.6% or climbed a massive 276 points to 17823 and formed bullish candle on the daily charts.​‌

‌Nifty’s original Trend is continuing positive supported by Global cues.

‌If Global markets remain calm then Nifty may continue its outperformance & Bulls hope to test 17970/18000 mark which is a psychological hurdle for Nifty, but if global markets start to fall once again then we can expect profit booking here also & the benchmark may react upto even 17400/300 <20 dma > after breaking initially 5 dma & 9 dma 17600 & 17500 .

‌

‌*RSI currently at 77* showing bullish crossover which indicates some more potentiality to move up further after recent fall from 85 to 68.

‌

‌*Rising channel trend hurdle upside 17970/18000 & downside 17468/400.*

‌

‌*On the Upside :-*

‌

‌Bulls need to move above 17846/856 for a move towards 17895/930 & 17968/980.

‌17970-18000 is the Trend line vital hurdle. Before crossing Bulls may take some pause.

‌In case breaks this decisively more bullish move possible towards 18050—18118.

‌

‌*On the Downside:-*

‌

‌Initially Bears action starts below 17795 & mainly below Pivot support 17770 then intraday basis trading supports are 17750/720 & 17698. Below 17698 major Gap support 17650 to 17610.

‌5dma 17580 & 9 dma 17530 – 2 major life line supports.

‌

‌*The Option Table data* indicates decent support at 17700 and reasonable resistance at 18000.

‌

‌*India Vix* last day closing almost flat 16.60 up by 0.67% but Day Low was 10.31.

‌R- 19.30-21.70 & S – 13.80—10.

Source : Eureka

*

‌

‌Market completely in Bulls Grip & ended at record closing high after Federal Reserve policy meeting and easing of China's Evergrande issue. Yesterday Day to day basis Nifty rose 1.6% or climbed a massive 276 points to 17823 and formed bullish candle on the daily charts.

‌

‌Nifty’s original Trend is continuing positive supported by Global cues.

‌If Global markets remain calm then Nifty may continue its outperformance & Bulls hope to test 17970/18000 mark which is a psychological hurdle for Nifty, but if global markets start to fall once again then we can expect profit booking here also & the benchmark may react upto even 17400/300 <20 dma > after breaking initially 5 dma & 9 dma 17600 & 17500 .

‌

‌*RSI currently at 77* showing bullish crossover which indicates some more potentiality to move up further after recent fall from 85 to 68.

‌

‌*Rising channel trend hurdle upside 17970/18000 & downside 17468/400.*

‌

‌*On the Upside :-*

‌

‌Bulls need to move above 17846/856 for a move towards 17895/930 & 17968/980.

‌17970-18000 is the Trend line vital hurdle. Before crossing Bulls may take some pause.

‌In case breaks this decisively more bullish move possible towards 18050—18118.

‌

‌*On the Downside:-*

‌

‌Initially Bears action starts below 17795 & mainly below Pivot support 17770 then intraday basis trading supports are 17750/720 & 17698. Below 17698 major Gap support 17650 to 17610.

‌5dma 17580 & 9 dma 17530 – 2 major life line supports.

‌

‌*The Option Table data* indicates decent support at 17700 and reasonable resistance at 18000.

‌

‌*India Vix* last day closing almost flat 16.60 up by 0.67% but Day Low was 10.31.

‌R- 19.30-21.70 & S – 13.80—10.

Source : Eureka