Pre-Open Daily Tech View of Nifty Spot for 03.09.2021

Another Spectacular rally after 1 day pause. ​
Yesterday after a muted opening Nifty made double bottom at 17050/55 but Bulls have successfully crossed not only the level of crucial 17161 which is largely positive but also hit a record high level 17245 and finally closed at 17234. The main puller of this rally were RELIANCE itself, IT, CEMENT & FMCG. The broader market also performed in line too.

Day to day basis Nifty up by 158 points or 0.92%. As Bulls took complete control Nifty formed a bullish candle on the daily chart and continues forming higher highs - higher lows from the last four trading sessions. In this 4 trading sessions Nifty surged more than 3% i.e. +528 points. FII’s are driving this rally they bought 5320 cr in 4 trading sessions and DII sold just 443 cores in this series.

Today is the Weekly close and as Bulls are on Driving seat and able to cross one hurdle 17225 & now waiting for the targets of 17300 & 17350.
17350 may be a crucial hurdle for Nifty & if tests we may expect intraday basis some reversal. Traders should cautious there.

On the upside :-

Bulls will get active as long as it holds above 17180-160 & break out move if mainly stays above 17250 for a move towards 17291 & then swing basis 17317 -17350.

On the down side :-

Below 17160 & mainly below 17140 Supports are :- 17114 & 17060 and then 5ema/dma at 17030/015.
Make or break level is at 17k mark. Though dips around said levels will be again fresh buying opportunity but if the index fails to hold the said levels, we may see good profit booking.

The Option Table data indicates decent support at 17100/17000 and reasonable resistance at 17300/400.

India VIX was almost flat closing, up by 0.39% from 14.19 to 14.24 levels.

Source : Eureka