Pre-Open Daily Tech view of Nifty Spot for 28.09.2021

​By a staff reporter : 

‌*Pre-Open Daily Tech view of Nifty Spot for 28.09.2021*

‌Yesterday, week started with a flat note hovering with a same narrow range inbetween 17950 to 17800.

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‌*Today opening may be positive but cautious note to be maintained at higher 17930-950 range.*

‌*Better focus after intraday settling that should be better on dips but should hold 17800 & more specifically 17770.*

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‌Initially though almost 20 points gap up opening < Gap in between 17870-17890> but bulls failed to cross 17950 mark – made lower top at 17943 and then corrected. Erasing the initial gap in 1st leg of the session corrected upto 10802. But bears also failed to break the crucial 17800 mark and bounced further. Then rest of the session gave a directionless narrow range move inbetween 17900-17850 and settled at 17855. As a flat closing up by only 2 points but printed an another small reddish candle at the peak. Reddish in the sense closing is lower than opening.

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‌Whipsawed at both side, fresh directional move either side beyond that < expected range on the upside above 18000 –18100 & on the downside below 17700 – 17600 > or otherwise taking some rest - passing in a consolidation phase at top.

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‌As lying at higher ends and facing a barrier to cross 17950, so as long as sustains below that this range bound move will persists. For very short term basis fresh weakness if breaches and stays below 17790/770 & side by side fresh teji after any stable closing above 17950 & specifically 18000 mark .

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‌Therefore, it has to continue to hold above the 17790/17770 zones for an up move towards 17950 & then 18000 zone, then break down support is placed at 17700 and 17650 zones.

‌*For Intraday basis on the upside :-*

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‌*Resistances are :-* 17898-17931-17952 & then as a break out 17985/18007

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‌*For Intraday basis on the downside :-*

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‌*Supports are :-* 17811-17790 & major 17771 & then only 17740/710.

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‌*The Option Table data* indicates decent support at 17800/700 and reasonable resistance at 18000.

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‌*India Vix* last closing at 18.05, day to day basis up by 6.68%, showing strength above 15.

‌R :- 19.30—21.70—25.20 & S:- 13.80-11.00.

Source : Eureka