Pre-Open daily Tech view of Nifty Spot for 18-08-2022

BY A STAFF REPORTER 

Asia-Pacific markets poised for lower open after Wall Street cools following Fed minutes.
Federal Reserve officials at their July meeting indicated they likely would not consider pulling back on interest rate hikes until inflation came down substantially, according to minutes from the session released Wednesday. Dow snapped a five-day winning streak and the recent rally fades, fell roughly 172 points, or 0.5%. The S&P 500 declined 0.7% , The Nasdaq Composite 1.25%.

Here expected opening mute or slightly subdued. Yesterday Nifty continued to gain for the 7th consecutive sessions which closed 119 points higher at 17944, formed a bullish candlestick on the daily charts. Market started with a Gap up opening at 17868 - low printed at 17833 – maintained the uptrend throughout the session with positive bias – high printed at 17965 & finally settled at top 17944.

On the Upside :-
Strong bullish momentum is persisting and if it manages to defend the day’s low of 17833 in the coming session, the index may move towards 18000 mark and then the previous swing high of 18114 (April 4).

Resistances are:- 17995—18047 & major 18128/179.

On the down side :-
Though Nifty closed above the downward sloping resistance trend line adjoining previous swing high points & gave a bullish break out but still as a very short term basis it may be a whipsaw area, traders should maintain slight cautious stance here & better wait for dips as some momentum indicators on daily charts are in extreme overbought zones. Intraday weakness is seen below 17833, with initial targets placed at 17764 and 17725 <5DSMA>.No fresh weakness unless breaches 17700.

Supports are :- below 17900 – 17863—17833 & major 17764 – 17725.

As per Option data immediate range 17700-18100, while the broader range could be 17500-18300.

India VIX was down 0.04% at 17.68 levels, Lower volatility is giving comfort to the market.

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Source : Eureka

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