Pre-Open Daily Tech View of Nifty spot for 12-09-2022
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Pre-Open Daily Tech View of Nifty spot for 12-09-2022
Last Friday Nifty rose 34 points & weekly settled at 17833.
It formed a Bearish Belt Hold kind of pattern on the daily charts.
This pattern was formed as the opening price was the highest point of the day < here 17925~>and the index declined throughout the session < Low 17786>. This Candle pattern actually made a large body with no upper shadow and a small lower shadow.
Though it is a range break out closing above 17777 that was last week high point but color of the candle was red as Closing was almost 100 points lower than opening which indicates volatility & selling pressure persists at higher ends.
For this coming week on the upside the next hurdle for the Nifty would be 17992 after crossing last week high 17925. 17992 i.e. 18000 is the recent swing high. If there is further buying then that could take the Nifty beyond the psychological 18000 mark but with choppy trade.
But if global peers support it, we will not be surprised to see it extending towards 18200 – 18350 levels , though in between that 18114 April’22 Top to be acted as trend changing barrier.
On the down side 17786 ( Friday’s low) - 5 DSMA 17720 & last week rising time Gap 17691-17650 would be the three crucial supports for the downside. If that gets broken, 17500 would be the next support.
The market is expected to extend the current uptrend in the coming week but volatility can't be ruled out amid global macro environment, with focus on oil prices as well as monthly inflation numbers releasing in India and the US. Traders strategy should be ‘buy on declines’.
The volatility index India VIX was down 3.20% at 17.71.
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