Pre-Open Daily Tech View of Nifty spot for 20-09-2022

BY A STAFF REPORTER

Bulls have turned back after almost 700 points correction in 3 days from 18100 to 17400.
17700-17777 may be crucial. Traders eye on FED interest rate decision which is due in the middle of this week.

Yesterday after flat opening at 17540, initially broke last week bottom 17497 mark as a continuation of last 2 days fall, low printed at 17430 then immediate basis pull back but faced hurdle at 17666 & then range bound in between 17580 to 17670 & closed at 17622. Day to Day basis up 91 points.

Daily basis a positive hammer candle formed and more specifically a small positive candle with a minor lower shadow. Technically, this pattern indicates a minor upside bounce in the market from lower range and may consolidate or range bound in between 17500 to 18000.

On the upside :- 20 & 30 dma juncture point at 17680-17700 mark & that is the initial resistance.
Fresh momentum above that & then expected other hurdles are 17765—17810. Major 17850.

On the downside:- below 17579 1st support 17530/499 & 2nd 17470. Below 17470 major at 17410-17380 Gap support.

Positional basis major support :- 17250 <50dma >—17000 <200dma> & major Resistance 18000-18114.

Option data indicates that the Nifty could see an immediate trading range of 17300-17800 in coming sessions.

India VIX was up by 0.59 percent to 19.94 levels. Initially jumped up to 21.21 levels but later on cooled down to settle below 20, making the bulls favour.

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Source : Eureka

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