Pre-Open Daily Tech view of Nifty spot for 22-09-2022
New Update
BY A STAFF REPORTER Yesterday Night Dow finally ended it’s volatile session at 30183, down by -1.70% or -522 points after Fed raised interest rates by 0.75% and lifted its outlook on further rates hikes pointing to a period of higher for longer rates. 4.6% rate target is something bad, higher than estimate of 4.25%. Today Asia also open in Red. Bank of Japan decision ahead.
Here also expectation of weak opening not only below crucial 17700 but also even as a Gap down below 17663. Then it needs to reclaim 17700 subject to hold 17600.
After 15 & 16th Sep wide based bearish momentum in last 3 days of the week Nifty gave a narrow range trading move mainly in between below 17530/630 on the down side and 17830/930 on the upside. This is the trading range where pivot is 17700. The market showing small range weakness could signal broader range movement. Only beyond that we may see extended basis swing momentum as a trending move on the upper hand upto 18000-18080 & on the lower side 17400/300.
Yesterday Nifty Spot O:- 17766 H:- 17838 L:- 17663 Cl: 17718. It snapped a two-day winning streak and declined 98 points to 17718. It formed a decent bearish candle on the daily charts amid volatility.
On the down side Initially negative below 1st support 17666 & then 17633 & 17600. Below 17600 extended basis bears move possible towards either upto 17555 or 17500. Major 17466-17430.
On the up side primary hurdle at 17700. Only above that 17777 – 17840. Next bullish move only above 17840 for a move towards 17920.
Today weekly expiry. Expected Upper End of Expiry : 17920 & Lower End: 17555
The options data indicated that the Nifty could see an immediate trading range of 17500 to 18000 levels.
India VIX was up by 2.8 percent to 19.33 levels.
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