Pre-Open Daily Tech view of Nifty Spot for 28-09-2022

By a staff reporter-Yesterday Gap Up open at 17110 & then immediate high 17176 failed to cross 17200 further then market wiped out all its gains and closed flat with a negative bias, continuing the downtrend for the fifth consecutive session. Nifty declined 9 points to 17007 and formed a bearish candle on the daily charts. Day’s low printed at 16942.

FMCG, IT, pharma, and oil and gas gave support to pull the market where as Banking and financial services, auto, and metal stocks were under pressure.

As per daily chart Nifty printed almost same length 2 similar negative candle those are placed beside gave a signal of range bound action in the market with weak bias maintaining 100 points Gap hurdle 17200-17300 on the upside & on the downside range is supported by 200SMA & 200EMA 17000/16900 range.

On the down side Bulls may take support in between 16950 to 16870/80 range.

Below 200DSMA/EMA support main life line area in between 16800-16700 & that should finally hold by bulls otherwise more bear action.

On the upside Very short term positivity only above 17200 & then Gap hurdle in between 17200-17300. 5DSMA = 17339 & 50DMA = 17383 - these are the major resistance area. To move up further this is the main barrier to cross 1st.

The Option data suggested that the trading range for the Nifty maybe 16800-17300 in an immediate term due to higher volatility.

India VIX was down by 1.48% to 21.57 levels, but it is still hovering at higher zones not which is discomfort zone for bulls.

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