Pre-Open Daily Tech view of Nifty Spot for 27-09-2022

BY A STAFF REPORTER 

Yesterday we have seen another Disappointing performance & this was the 4the consecutive lower top lower bottom formation. In 5 sessions corrected -941 points as bears held tight control over the market.

As in 5 sessions corrected heavily & lying at almost oversold territory < RSI =35~>, we could witness a quick pullback rally taking 16970/950 as an immediate support.

Gap down open at 17156 breaking crucial August low 17166 & Gap in between 17291 to 17196 mark . After opening immediate high 17196 failed to cross 17200 & then gave a consolidation phase with a range bound move inbetween 16980 to 17170. Through out the day double bottom printed at around 16980. Closed at 17016. Day to Day basis down -311 points. It formed a bearish candlestick pattern on the daily charts.

Nifty plunged more than 1.6% amid correction of Global peers mounting recession fears, significant selling by FIIs and depreciation in currencies against the US dollar. All sectors, barring IT, traded in the negative territory . Nifty Mid & small cap corrected heavily more than 3%.

As per daily chart Nifty took a base at 16978 that was exactly in between the crucial technical levels 200DSMA @16993 & 38.2% retracement level of 15183 to 18091@16970.

On the down side :- Below 200 DSMA 16992/17000 next crucial one at 16900/16888 mark i.e. 200EMA. In case of extreme bearishness 50% retracement & 100DSMA support inbetween 16700-16650.

On the flip side 17166 and 17200 could be the immediate hurdle for the bulls. Major at 17288-17338 <50dma >.

Option data indicated that the Nifty may remain in a main range of 16800 to 17500 in the near term.

India VIX, rose by 6.31% to 21.89 levels.

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Source : Eureka

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