Pre-Open Daily Tech View of Nifty Spot for 15.09.2021

​By a staff reporter : 

‌*Pre-Open Daily Tech View of Nifty Spot for 15.09.2021*

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‌Yesterday Nifty opened with a Gap at 17420 & then printed the day’s high at 17438 but further not only failed to cross the upper edge of the range barrier 17450 but also after passing in a very narrow range in between 17400 to 17430 in 1st session ultimately slipped more, corrected upto 17367 in 2nd session erasing total opening Gain as weak global cues and inflation concerns weighed on sentiment. But still Nifty finally settled at 17380 up by 25 points supported by select banks, auto, and IT stocks.

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‌Nifty Bulls technically took support from 5 DMA @ 17364.

‌9 DMA @ 17314 is an another Life line.

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‌Flat closing with moderate positive bias but formed a bearish candle on the daily charts as the closing was lower than opening levels. Technically, this pattern signals a continuation of range bound mode of 17450-17250.

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‌At present as swing basis, 17450 specially psychological level 17500 could be a resistance, while on the downside, 17300 specially 17250 may act as support for the index. Beyond that would be the range break either side.

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‌Until we cross either side of this range, we will be trading in a sluggish manner. Since the overall trend is positive, a good trading strategy would be to buy on dips.

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‌*On the upside:-*

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‌1st Resistance at 17395/410 & above that 17440.

‌Only above that range break out & major Hurdles are at 17466 & 17482. Very Major 17510-555.

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‌*On the Downside:-*

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‌Below 17355/350 - Supports are 17323/300 & 17278 to 17250.Very major 17200-170.

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‌*The Option Table* data indicates decent support at 17200 and reasonable resistance at 17500.

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‌*India Vix* yesterday Closed at 13.57 down by 3.21%. Day Low was 10.87. Current range 12.55 to 14.55.

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Source : Eureka