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Daily Technical View on Nifty

* On 19th September, Nifty broke three session’s losing streak and closed with the gain of more than 100 points. ? Post 10:30 AM, Nifty remained in the narrow range for the entire session. Nifty managed to close above the upward sloping trend line adjoining the daily lows of 20th Jun and 1st July 2022.

* Nifty has also managed to hold above the support derived from 34 days EMA. Resistance for the Nifty are seen at 17760 and 17826, which happens to be 50% and 61.8% retracement of the entire fall seen from 18088(recent swing high made on 13 Sep 2022) and today’slow of 17429.

* Below 17429, Nifty is expected to enter short term down trend. If Nifty were to break 17429 support, then it could extend the correction towards the previous swing low support of 17166.

* Indicators and oscillators have turned bearish on short term charts. Below 17166, Nifty could slide towards next support of 16850 odd levels. The level of 18100 seems to have become ceiling for Nifty in the short term. On the higher side, 18100 sems to be have become ceiling for the shortterm.

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