Pre-Open Daily tech View of Nifty Spot for 21-09-2022

By a staff reporter-Global cues negative ahead of Federal Reserve's expected interest rate hike. Here also though initially chances of weak opening but primary correction may protect by technically 20 & 30DMA juncture point 17680/90 range.

Today’s First 15 MIns High and Low will be crucial for throughout the day. FOMC Decision will come on Today’s Night so carry overnight position with Hedge. Nifty is not giving clear clue before the FOMC meet. However, it is positively biased and the broader range of the Nifty will be 17500/400 to 18000/18100 levels for the short term.

Yesterday we have seen a Gap up opening. Gap in between 17667 to 17770 with day’s low at 17744 that was the 5dma support. From there in 1st leg of the session moved up & High printed at 17919 but in 2nd half through out the session Nifty slipped & erased the part of the gain but closed above 17800 exactly at 17816. Day to Day basis up 194 points.

It printed an Inverted Hammer or Shooting Star kind of pattern formation on the daily charts with long upper shadow which indicated selling pressure at higher levels but however, bulls able to manage the Gap with higher top higher bottom formation supported by 5dma 17744 & more specifically by 20DMA 17690.Indicator RSI also favouring bulls. Took support 50 & now in an upward direction and placed at the 56 mark.

Nifty corrected recently from 18100 to 17400 < rounded> & then in this week – 2 days bounced from 17429 to 17919 that means against 700 points correction 500 points rose.

On the downside immediate weakness below 1st support 17744 & then other Supports are 17700—17666 & 17622. Fresh negative below 17600 & then 17553 & 17497.

On the Upside Positive above 1st Resistance 17830 & then other Resistances are :- 17919 –17952 –17992. Fresh positive move above 18000.

India VIX declined 5.72% to 18.80 levels.

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Source : Eureka

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