Pre-open Daily Tech view of nifty Spot for 14-09-2022

By a staff reporter-Today Shares in the Asia-Pacific dropped sharply < more than 2%> at the open after indexes on Wall Street fell sharply following a higher-than-expected U.S. consumer price index report for August.
Dow plunged 1276 points, or 3.94%, to close at 31104. S&P 500 sank -4% & Nasdaq -5% worst day since June 2020.

Here we might open gap down today tracking global cues.
Yesterday Nifty Spot settled at 18070, day to day basis up by +134 pts. Day started with another Gap up opening at 18044, High printed at 18088. Narrow range movements – Low 18015 & closed at 18070.

On the upside our all expected Targets before crossing tentative barrier 18114 are almost tested.

Though very Short Term basis break out above 17992 but we are very close of another strong resistance area 18114, failing to cross short or very short term basis profit booking or mild correction is very likely.

On the down side 5 DSMA = 17865 may be the 1st support. More down side only below that, 17600--17500 major support area. Should not break to move forward further towards 18200-18300 & above.

Bears will have chance below 17950 for a move towards 17865//17825 & then 17742//17690.

On the upside immediate resistance will be 18100. Fresh positivity only above that.

The Option data indicates that the Nifty may be trade in the 17600-18100 range in the coming sessions.

The India VIX fell 2.6 percent to 17.47 levels, but for more stability it should stay below 18.

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