Pre-Open Daily Tech View of Nifty Spot for 30-08-2022

BY A STAAFF REPORTER

Yesterday Truncated week started with a knee jerk movement as expectation amid Global sell-off - Huge Gap Down - Gap actually in between 17558 to 17188. Nifty declined 2.5% in the opening trade, low printed at 17166 but taking support from technically crucial support area 17150 <30DSMA> partial recovery in the initial hour and then range bound trade hovering around 17330. Finally Nifty settled at 17312 down by -246 points or 1.45% lower. Day’s high made at 17380.

After Gap down opening Nifty breached decisively short term support 20DSMA -17555 & as closing basis made a bearish Gap that actually in between 17380---17519 but formed a bullish candle as the closing was higher than the opening tick.
 
On the down side :- Current support 17255 & 17207. Major 17160. If down trend persists failing to fill the yesterday’s GAP then below 17160 as a break down next Support 17080 & most Meaningful support is present in the 17018-16947 zone, which is a bullish gap registered on July 29. 200DSMA is also placed at 16975 inside the said zone.

On the Up side :- Above 17340 1st Resistance at 17385. If breaches then next hurdles are 17440 & major 17500/555 <20DSMA>. 17500 can be the cap and unless the Nifty closes above 17555, all pullback attempts will be fizzled out.

As per Options data Nifty’s immediate trading range may be in between 17000-17700 range due to higher volatility.

India VIX increased significantly, was up by 8.82% to 19.82 levels.

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Source : Eureka

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