Pre-open Daily Tech view of Nifty spot for 06-10-2022
New Update
BY A STAFF REPORTER
After 1 day Holiday though today expectation of higher opening near around 17425+/- but question of stability at higher end specially above resistance area 17450-500. 17360-300 may be the immediate basis support area.
On October 4, was a Gap up opening with a strong positive day, market recouped all its’ previous day's losses and climbed more than 2%. Nifty jumped 387 points to 17274 and formed bullish candle on the daily charts making higher highs.
Last day Market started with a Gap up opening near 17150 taking support near around initially 17100. High printed at 17287 & maintaining the strength through out the session closed almost at top 17274. Nifty almost filled the falling time Gap hurdle 17200-17300 range.
On the upside :-So now 17300/290 will be a crucial support level for Nifty in case of another higher or Gap up opening. If the index breaches & sustains above 17300 specially on a closing basis then it can rise initially to 17450/500 & even after that 17580-17650.
Resistances are :- Above 17335 – 17400 -17444 & major 17505-17555.
On the down side :- The near-term support shifted higher to 17100-17000 mark <200DSMA> though immediate support as intraday basis in between 17300/200 range. Fresh positional negativity only below 17000.
Supports are :- 17226 & then 17165—17050 & 16995.
Options data suggests that the Nifty may trade in 17000-17500 range in the immediate term.
There was a sharp drop in volatility. India VIX declined 8.4 percent to 19.57.
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