Pre-Open Daily Tech View of Nifty Spot for 01-09-2022

BY A STAFF REPORTER

On August 30, ahead of Q1 GDP data and monthly auto sales data, Nifty started the session with a small Gap and then extended its’ upward journey throughout the session.

Nifty closed at 17759 near the day's high 17777 with nearly 450 points gains and formed a very large bullish candle, which indicates bulls are in a strong position specially after crossing 20DSMA = 17575.

Monday 29th Aug, week started with a huge Gap down & printed low at 17166 after Fed's ultra-hawkish commentary but bulls not only able to hold crucial support 17150 <30DSMA> but also on 30th Aug with Gap up opening crossed another crucial level 17350 that have technically crucial significance <23.6% retracement of total June onwards journey>. Bullish strength resumed more after crossing 17575 <20DSMA> and closing basis above 17730 .

Therefore, On the down sides if nifty further retraces then now the levels below 17730 - then 17666- 17575 –17500 & as major 17400/350 will be acted as current supports. Focus only on dips.

On the upside:- Hence, if Nifty sustains its northward journey and gives a decisive close above July 19's high of 17992, further bullish bias can push the index above the psychological 18000 mark.
Above 17786 resistances are :- 17875 -- 17964. Major 18018. Very major 18108.

VIX corrected by nearly 6% to 18.70 levels, favourable for bulls. If below 18 mark, then there could be more stability in the market.

Please contact the below telephone nos for Demat and Trading Account Opening.
+91 98312 00699 / 82749 09974

For Opening DP and Trading Account online, please visit
https://kyc.eurekasecurities.net/home/index/729
#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #Buyback #IPO #mutualfundinvestments
#SIP #investment #mutualfunds #mutualfundinvesting #sharemarket #stockmarket #investing #mutualfundsindia #equity #debt #hybrid #money #growth #wealth #trading #finance #investor #savings #wealth

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.