Pre-Open Daily Tech View of Nifty Spot for 06.09.2021

​BY A STAFF REPORTER 

As a continuation of high speed Spectacular positive momentum of last week, last Friday Nifty maintained it’s bullish advancing mode gained another 90 points or 0.50% from 17212 to 17340 & closed at 17323. The Nifty formed an another bullish candle on the daily as well as weekly charts.

After Thursday’s massive surging though on last Friday Nifty advanced further after breaking crucial hurdle 17225/250 but bullish move was in range bound mainly in between 17225/50 to 17325/350.

For today Nifty may face barrier above 17350/370 & specially near 17400 area.

If we considering only numerical figures then For Nifty spot 17349 may be the vital figure of this journey.

2020 January top was 12430. 2020 March after covid correction low was 7511. So difference between 12430 - 7511 = 4919. Now to make a symmetry if we add 4919 to 12430 we may get a target of 17349.

On the Upside :-

So based on numerology only Bulls should take a cautious stance even after initial basis crosses above 17350. Stable journey above that specially closing basis move is highly required otherwise 17350 to 17400+ may be a whipsaw area. That will negate & we may ignore this figure as a very short term barrier for time being if decisively breaks & stays above that. Then we may expect the market to continue the rally and test the level of 17500 very soon. R:- 17371—17420—17470—17499

On the down side :-

 Otherwise if fails to hold & volatility rises then some profit booking possible as indicators are highly in overbought stage & expected supports are. S:- 17274—17250--17200—17150

Summary :- For traders point of view as a swing basis below 17250/200 -- 17150 and 17000 could be the important support levels while on the flip side, above 17370/17400 -- 17500 and 17550 could act as important resistance levels.

Traders can consider buying on correction as long as Nifty is trading above 17150/100.Very major support 17000.

The Option Table data indicates decent support at 17200/100 and reasonable resistance at 17500/600.

Last day India VIX was slightly up, up by 2.12% from 14.24 to 14.54 levels.

15/16 is the resistance area of VIX.

Source : Eureka