Daily Tech view of Nifty Spot for 13.09.2021

​By a staff reporter : 

‌*Daily Tech view of Nifty Spot for 13.09.2021*

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‌On Thursday, the last trading day of the Truncated week after lower opening Nifty took support twice before 17300 and a sustainable buying has emerged towards end.

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‌Nifty Spot last closing was at 17369, gained 0.09% or 15 points and formed a small Green bullish body with very small upper & lower shadow candle after 3 consecutive small reddish candles on the daily charts. *Nifty currently in narrow range between 17250/300 – 17400/450.*

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‌Actually following a rapid rally of almost 1000 points from 16300/400 to 17300/400 & now to cross & sustains above 17400/450, markets may face small bumps on the road in the coming week.

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‌After crossing these bumps we will see a major Range Expansion in market. *The market could now shift into a broader high low range of around 17600-17200 levels by next week.*

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‌*Intraday basis No trading zone :- 17350 to 17380.*

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‌*Trend deciding range 17350/325 & 17325/300 whipsaw area.* As long as holds chances of bouncing possible.

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‌*On the Up side :-*

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‌Initial hurdle at 17379 to 17399.

‌Intraday basis above that - Resistances are 17427---17444 & then that as a break out 17480 to 17510. Very major at 17555.

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‌*On the down side :-*

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‌Intraday basis Pivot level at 17350.

‌Then immediate Supports are 17321—17300 & then that 17273 & 17244 < 9dma >.

‌Very Major at 17196/180 < which is crucial 23.60% retracement level of rally from 16376 to 17436>

‌Swing basis that should hold.

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Source : Eureka