Pre-Open Daily Tech view of Nifty Spot for 29.09.2021

‌*Pre-Open Daily Tech view of Nifty Spot for 29.09.2021*

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‌Nifty fell 106 points to 17748 and formed a bearish candle with long tail on the daily charts.

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‌After yesterday’s very big sell-off failing to stay above 17920 & after breaking 17850 & 17800 pushed it towards all lower side supports & even broke 17600. But very strong reversal occurred specially after crossing the level 17637 and covered almost 61.8% retracement pull back level i.e. upto 17777 as a very smart vertical recovery in last leg of the session which indicated buying always emerged from lower ends.

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‌*Today may be an another crucial day with wide momentum specially opening 1st 15 minute of trading High & low to ride the trend.*

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‌*Initially extended trading range is –* < Summary >

‌*On the upside 17950 & downside 17550 with Pivot 17750.*

‌*Initial support should be at 17666/636.*- 1st slab down side

‌*Initial resistance expected at 17810/850.*- 2nd ceiling upside after Pivot hurdle 17750/777.

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‌*On the Upside :-*

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‌*For intraday basis :-*

‌Positive above 17763 & more above 17777 then R 17810 and 17841-867/888.

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‌*As a swing base :-*

‌Bulls need to move above 17810 for a move towards 17888 & then only 17916/943 to 17976.

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‌*On the Lower side :-*

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‌*For intraday basis :-* Negative below 17700 Tgt 17666/ 17637 and 17600.

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‌*As a swing base :-*

‌Bears will have chance below 17637 for a move back towards 17579—17513--17450.

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‌*The Option Table data* indicates decent support at 17600/500 and reasonable resistance at 17800/900.

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‌*India Vix* last closing at 18.53, day to day basis up by 2.67%, showing strength above 15.

‌R :- 19.30—21.70—25.20 & S:- 15/13.80-11.00.

Source : Eureka