Pre-Open Daily Tech view of Nifty Spot _23-08-2022

BY A STAFF REPORTER

Black Monday , Nifty plunged 268 points or 1.5% to 17491.

Week started with a Gap down note as expectation amid reddish Global cues. It was the 2nd consecutive session with huge selling pressure & closed below 17500 mark.

Traders are highly cautious & eagerly awaiting Powell’s speech in Jackson Hole this week regarding fresh announcement of interest rate hikes by the US Federal Reserve.

Yesterday Nifty Opened below 9 DSMA 17710 & created a Gap in between 17710-17690 then in 1st leg of the session deep fall, corrected upto 17545. Bulls tried to bounce but after slight recovery their attempt failed to cross 13DSMA = 17600. 2nd phase of correction started from there – lower top lower bottom continued. Day’s low printed at 17467 & finally settled at 17490.

Indicator MACD gave a “sell” signal on the daily charts where RSI already corrected from 84 to 60.

Nifty formed 2nd strong bearish Marubozu type candle following bearish Engulfing pattern which indicates more negativity & may correct upto 17350/330 i.e crucial 20DSMA support & (23.6 percent Fibonacci retracement of June to August rising leg).

Should hold 17300 & chances of some consolidation or bounce but if breaches decisively then short term trend may change & correct more. 200 DSMA = 17000 & 38.2% retracement is placed at 16900 levels.

On the Down side :- Supports are 17410—17327—break down supports are 17188-17105.

On the Up side :- Immediate resistance is at 17600 levels & only above that —17710—17777. Major 17855.

Option data indicates that an immediate trading range of 17300-17700 for the Nifty.

India VIX, was up 4.11% to 19.04 levels.

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