BY A STAFF REPORTER
Pre-Open Tech View of Nifty Spot for 27.08.21
Yesterday the day of August clg Nifty gave a consolidation phase in between 16600 < day’ s low 16603 > to 16700 < day’s high 16684 > range, settled at 16636. A flat closing up by only 2.20 points forming a Doji kind of pattern on the daily charts.
Technically this was a range bound action in the market. The overall market breadth was slightly positive and the broad market indices have closed on a minor positive note.
Market is waiting for US tapering decision ahead of Fed’s Jackson Hole.
As per Nifty’s concern according to last closing 16636,
The expected Initial Trading Range may be in between 16655-16597.
Bulls are active & buying comes as long as they able to hold crucial level 16570 where is not only 1st retracement level but also there is the juncture of 5 & 9 days Simple moving averages cluster point.
As long as this level maintains Bulls are safe & chances to move upward directions and may print another new peak above 16712. Only below 16570 <+/-10> bears may active.
On the Upside :-
Positive above 16655 then upper hurdles are at 16685--16707 & 16722.
Extended upper hurdles are at 16749 -16787/801.
On the down side :-
Negative below 16597 then 1st lower support at 16570.
Main negativity below that & then only other supports are 16555 & 16518/506.
Only Below 16500/480 Swing based extended lower supports are 16450 - 16400.
Just August expiry over Option data are scattered but still data suggests that the broader trading range in between 16800 and 16400 zones while an immediate trading range is in between 16700 and 16500 zones.
India VIX was also flat, up by only 0.04% from 13.50 to 13.54 levels.
Source : Eureka
/anm-english/media/agency_attachments/AtBG5e3MoE629QYzhZen.png)
/ )
/anm-english/media/post_banners/nOGQb3M2BxMA7r12h8iL.jpg)