Pre-Open Daily Tech View of Nifty Spot for 02.09.2021​

Yesterday despite a strong opening in early trade & touched it’s fresh record level of 17225 as a consecutive 3rd session higher opening but not only failed to hold record levels but also snapped winning streak and end at 17076 near the day’s low down by 55 points formed a bearish candle on the daily charts.

Strong Q1 GDP failed to cheer & hold the market. Profit booking came. One reason could be that positive number was already factored in and second, the market perhaps could not find clear signs of such robust economic rebound.

On the down side :-
Any violation of an intraday support zone of 17055/50 levels may cause profit booking towards 17000-16950 level.

Primarily Negative below 17055 Supports are :- 17023 & 16980 and then extended 16948/925.
Fresh weakness below 16885 & then very major swing based support at 16820.

On the upside :-

The current higher levels to be watched are around 17150/161. Any sustainable move above 17161 levels may cause momentum towards 17200-17300 levels.

Primarily positive above 17097 Resistances are :- 17119-17140 & 17161.
Bulls will get active above 17161 & mainly above 17185 for a move towards 17226 & then swing basis
Major resistance at 17267-17333.

The Option Table data indicates decent support at 17000 and reasonable resistance at 17200.

India VIX cooled down by 2.31%, corrected from 14.52 to 14.19 levels.

Source : Eureka