By Staff Reporter: *Pre-Open Daily Tech view of Nifty Spot for 05-09-2022*
Last Friday Nifty Spot closed at 17540 down by 3 points after a volatile session amid weak global cues.
This was the 2nd insider bar narrow range small-bodied bearish candle < Cl on the daily charts after last Tuesday’s big bullish Engulfing candle, range 17400-17777.
Nifty after higher opening at 17598 <20DSMA> & high printed at 17643 lost all the gains in initial minutes to slip to 17476. It recouped losses in noon and remained range bound for the rest of the session. Week settled above 17500 & just at 5DSMA 17540.
*On the downside* :-
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Sup :- Range 17480-450. Initial correction may halt & bounce from this support area. If breaches then major 17390—17350 <30DSMA>. Though this is the break down support level but still the crucial support range 17350--17288 should not break. Focus on dips either 17450 or on more dips upto 17350.
As a break down case down side trending move may correct upto 17150.
*On the Upside* :-
Resistance :- 17580--17645—17695.
Above 17700 - 17730-17777. Even after crossing 17777 whipsaw area Crucial barrier on the upside 17790--17815. Unable to cross reverse selling possible.
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