Pre-Open Daily Tech view of Nifty Spot for 17.09.2021

‌Yesterday was the 2nd day after range break out above 17450/500 & we got an another very big move that achieved maximum targets on the up side and fresh record highest closing above 17600.
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‌Nifty surged 0.63% or 110 points to settle at 17629 in a new horizon and formed an another Long bull candle on the daily charts.
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‌Domestically investor’s confidence boosted up after Government’s announcement of several measures regarding Telecom, Banks & Auto Sectors & this rally basically was led by banking & financials, FMCG, telecom, and select auto stocks.
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‌Today we may see some more upside or even Gap up in benchmark supported by mainly banking to welcome Govt’s measure on Bad bank plan but after that profit booking can't be ruled out at higher levels.
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‌Though Vital Indicator RSI currently lying at a very crucial highly overbought risky stage <85.50> but still there is no indication of any tiredness or reversal pattern at the highs. This is a positive indication and signals more upside & further more potentialities ahead.
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‌Where is the top of this very strong bullish journey as a temporary basis in this open sky that is very difficult to find out, that may be even 18000 after crossing 17777 though intraday or very short term basis correction can not be ruled out in this journey. 17450-400 may be the immediate support.
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‌On the Upside :-
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‌Now Bulls need to move hold 17576 for up move to continue towards 17666-17699--17722-17755/777.
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‌On the Down side :-
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‌>Bears may take a chance only below 17555-525 for a move back to 17480-17450.
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‌The Option Table data indicates decent support at 17500 and reasonable resistance at 17700.
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‌India Vix yesterday Closed at 14.41 up by 4.97%. Day Low was 9.02.
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Source : Eureka