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By a staff reporter :
*Daily Tech View of Nifty Spot_14.09.2021*
Yesterday the week started around 17370 and initially within 1 hour corrected 100 points and after taking support from crucial 9 dma i.e. at 17270, gave a “V” shaped recovery - not only crossed 17300/330 but closed at 5dma which is around 17360. Nifty finally ended the day at 17355, down 14 points amid volatility throughout the session.
Nifty formed a Doji candle on the daily chart, resembles indecisiveness in the market.
Nifty remained range bound & gave a sideways move in between 17250 and 17440/50 range < 200 points almost > for last consecutive 5 days after the strong rally of the last few weeks. *During this consolidation phase Nifty has been taking support at 17250 & resistance ahead of 17450.*
*We may expect a good trending move beyond that range.*
As long as Nifty bulls stays above 17250, the bullish formation is likely to continue up to 17450-17500 levels. However, trading below the same could possibly trigger correction up to 17200-17150 levels.
Good support zone for the index is coming near 17300-17250 zone and if it manages to hold the above said levels, we may see the next move towards 17440-17500 zone. Fresh buying can be seen above 17500.
*On the upside :-*
Intraday basis Initial Resistance at 17385 -17410.
Bulls need to break 17410 for a move towards17444.
Swing basis only above 17450 ~ range break out & major Hurdles are at 17477 -17519.
Very Major 17555-575.
*On the Downside :-*
Intraday basis Initial Support at 17323-17290.
Bears will get active below 17290 -17270 for a move towards 17255.
Swing basis only below 17255~ range break down & major supports are at 17225 & 17187.
Very Major 17107.
*The Option Table data* indicates decent *support at 17200 and reasonable resistance at 17500.*
*India Vix* yesterday Closed at 14.02 up by 0.59%. Day Low was 11.92. Resistance at 16.