Pre-Open daily tech view of Nifty & Bank Nifty Spot for 29-08-2022

Last Friday Nifty settled at 17559. Though up by 36 points but formed a small body inside bar bearish candle on the daily charts as closing was lower than opening <17619>. Last week Nifty maintained it’s narrow range –directionless move mainly in between 17730 to 17480. Immediate basis Trading move possible only beyond that edge either side.

As on Friday Night US market corrected massive after Fed Chair Jerome Powell's comments so here today initially market may react negatively even Gap down opening is very likely.

Coming truncated week is expected to continue to see volatility and consolidation, with focus on global cues as well as Reliance Industries' AGM, macroeconomic data points, and monthly auto sales numbers.

On the down side :- After knee jerk momentum initially Nifty may break as a Gap down opening 20DMA i.e. around 17525 & may take 1st slab around 17440 but if breaches decisively then 17330 may be the crucial support as it is as per chart 23.6% retracement of 2800 pts non stop rally from 15183 to 17992 since mid June & it is 26 DSMA support too.

In case deeper correction then Current fall may extend upto 17300 – previous recent bottom also there but expectation is that to be protected around 17330 <+/-30> and bounce. If breaches then only positional basis another 2 Life line supports are 17150 <30DSMA> & for extreme cases 17000 <200DMA>.

On the upside:- Last week Nifty failed to cross 17730 - 9 & 13 DSMA juncture point - hurdles are there. Major broader based hurdles are in between 17800/850.

For Monday immediate resistances are :- above 17500 – 17600 - 17666 -17730—17777.

Therefore main range is 17800 & 17300-17000.

Bank Nifty Spot last closing @ 38987 – day to day basis up 36 points.

On the down side :- Below 38800/750 Supports are :- 38550—38100 & 37950 -37777.

On the Upside:- Resistances are at above 38888 -- 39000 -39100 & 39330 -39470.

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