Pre-open Daily Tech view of Nifty spot for 04-10-2022

BY A STAFF REPORTER 

Expectation of further big bouncing & a strong positive opening near in between 17050 to 17120 amid Green Global cues. Asia-Pacific markets trade higher after U.S. Market relief rally. Dow surged 765 points. Though higher opening but question of stability at higher end specially above 17200. 17050-16980 may be a support area.



Yesterday was a corrective day, Nifty fell 207 points to 16887 amid weak global cues and Downside pressure throughout the day formed a bearish candle actually an "Inside bar" pattern on the daily chart.



Nifty opened with a flat note at 17102 & then in 1st leg of the session corrected upto 16950 then intraday basis 100 points pull back fizzled out from 17050 & then gradually corrected in 2nd half too. Low printed at 16855 & finally settled at 16887 very near of day’s low.



On the upside :-As per closing 16887 – 1st watchable area 16980 to 17050 & more extended basis 17077—17115.In case Open positive with Gap then initially 17115-130 may be a cautious area. Better watch on dips & then the above figures to be acted as supports. If it able to crosses & sustains above 17115 then Major hurdles 17177-17197. Gap hurdle in between 17200-17300.



Closing was at 16888 i.e. vital 200DEMA.

Against Friday's massive surging erased almost 78.6% of the total gain that is crucial 16845.



On the down side :- Any breaches of 16845 may test further crucial support 16745 <100DSMA>.

If it fails to hold 16745 then it may correct upto 16666 - 16600 in the coming sessions.



Nifty may stay in a consolidation phase in between trading range 16800 & 17200. Trending move possible beyond that range either side.



Options data suggests that the Nifty may trade in 16700-17300 range in the immediate term.



India VIX moved up. It rose 6.99% to 21.37.



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