Pre-open Daily Tech view of Nifty Spot for 30-09-2022

BY A STAFF REPORTER: 

Yesterday market ended slightly down with Nifty Spot fell 40 points to 16818 and formed a Long body bearish candle on the daily charts. This was the 7th consecutive negative journey and closed at a two-month low on the expiry day of Sep F&O series amid strong negative global cues. Today morning Asia-Pacific markets opened in Red after yesterday night’s big fall in US market further; China factory data ahead.

Yesterday as per expectation opening was positive with a solid start at 16994, exactly tested 200DSMA & crucial retracement level 16980/990 mark and climbed up to 17026 <5DSMA> < almost double Top>, but not only failed to sustain above crucial 17000 level but also breached 200 DEMA i.e. @ 16888 & lost all gains in late morning deals to hit a day's low of 16789 and finally settled at 16818 just defending 16750-16800 mark ahead of the interest rate decision by the Reserve Bank of India due on Friday (September 30).

For coming session, On the down side if breaches 16790 then bears can move towards 16720 <100DSMA> & 16666/16638 <50% retracement of previous rally from 15183 to 18096>. Therefore, 16000 should be the crucial support & that should hold.

Otherwise On the Up side, 16850-16888 may act as resistance & major pull back hurdles if occurs 16936-16990.

Current RSI as per Daily chart is 33, very close of oversold area 30.

Option data indicated that as wide basis Nifty may see a trading range of 16500 to 17200 levels in the immediate term due to higher volatility. India VIX fell by 3.58% to 21.30 levels.

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Source : Eureka

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