Pre-Open daily tech view of Nifty spot_22-08-2022

Friday’s negativity may continue at opening session today even Gap down opening below 17710 amid negative Global cues.

Investors will be eagerly awaiting Powell’s speech in Jackson Hole this week.

Besides that main event, Volatility & market sentiment in the expiry week to be dictated by Global cues, FII flows and crude prices.

Last week Nifty closed at 17758, Day to Day basis corrected -198 points.

After 8 days consecutive higher closing it snapped the winning streak.

Friday’s High = 17792 & Low = 17710 was actually Weekly High & low.

Daily basis chart formation - Bearish Engulfing candle – erased total through out the week gains

almost 300 points.

On the Down side :-

If Nifty fails to protect 9 DSMA & last day’s low 17710 then expectation of more weakness & that can be expected with an initial target of 17600 <13DSMA> & then 17500. Swing based major support 17400-300 <20DSMA>.

On the Upside :-

After weak opening if bounces then initially may face resistance at the range 17724-17764 & then major 17850-17900 . If crosses that decisively then may break the main upper cap 17992 – 18025 to move towards 18114.

India VIX, rose 5.4% to 18.29 levels, indicating choppy trade ahead.

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