Pre-Open Daily Tech View of Nifty Spot for 01-09-2022
New Update
BY A STAFF REPORTER
On August 30, ahead of Q1 GDP data and monthly auto sales data, Nifty started the session with a small Gap and then extended its’ upward journey throughout the session.
Nifty closed at 17759 near the day's high 17777 with nearly 450 points gains and formed a very large bullish candle, which indicates bulls are in a strong position specially after crossing 20DSMA = 17575.
Monday 29th Aug, week started with a huge Gap down & printed low at 17166 after Fed's ultra-hawkish commentary but bulls not only able to hold crucial support 17150 <30DSMA> but also on 30th Aug with Gap up opening crossed another crucial level 17350 that have technically crucial significance <23.6% retracement of total June onwards journey>. Bullish strength resumed more after crossing 17575 <20DSMA> and closing basis above 17730 .
Therefore, On the down sides if nifty further retraces then now the levels below 17730 - then 17666- 17575 –17500 & as major 17400/350 will be acted as current supports. Focus only on dips.
On the upside:- Hence, if Nifty sustains its northward journey and gives a decisive close above July 19's high of 17992, further bullish bias can push the index above the psychological 18000 mark. Above 17786 resistances are :- 17875 -- 17964. Major 18018. Very major 18108.
VIX corrected by nearly 6% to 18.70 levels, favourable for bulls. If below 18 mark, then there could be more stability in the market.
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