Weekly Tech Analysis of Nifty Spot_12-09-2022 & onwards

author-image
Aniket
New Update
Weekly Tech Analysis of Nifty Spot_12-09-2022 & onwards


Last Week Monday Nifty started with a flat note around 17550 & this Friday settled at 17833 – closed above previous week high that was one crucial barrier 17777 that to be acted as now immediate support for coming week.



Week to week basis up almost 300 points or 1.7% and formed a 2nd consecutive bullish candle that’s low was 17484 that means took support from almost 17500 & High printed around 17900 exactly 17925.



Middle point of last week 400 points range 17900-17500 was 17700 i.e. running 5 Day Simple moving average as per daily chart & as per weekly chart 5WSMA also.



Therefore, 17700 - 17650 last week rising time Gap area may be a pivotal support for coming sessions after 17777 immediate support.



On the down side 17650-20DSMA should hold to maintain the uptrend but if that gets broken, then only the next life line main support at 17550/500 <30DSMA> & that should not break.


Positional basis break down & more bearishness only below 17490/470 closing basis.



On the upside for coming week 17992 – recent top may act as initial resistance.


For the index to gain more momentum, it needs a close above 17992 and then 18114.


Even after break out above 18000 mark – 18100 to 18200 may be a cautious & crucial area for traders as till then, bears can make a come back anytime.



Summary :-


Support :- 17770 –17707—17630—17568.


Resistance :- 17925—17992—18050-18114.



Options data indicates that in the immediate term, the Nifty can trade in the 17500/600-18000/18100 range.



Volatility index India VIX was down 1.83 points or 9.37% at 17.72.


Weekly Resistance 20 & Support 16.


20DSMA @ 18.70 & it needs to cool more for the market to stabilize.



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.