Pre-Open tech view of Nifty spot for weekly Expiry Day 10-11-2022
10/11/2022 08:19:11 AM Poulami Das 506
BY A STAFF REPORTER
Today expectation is weak opening amid Red Global cues. Last night Dow down more than 650 points as investors await U.S. midterm results, inflation data.
Yesterday here though Nifty printed Gap up opening & High at 18288-296 above last day’s candle high 18255 but still unable to move above not only Jan high of 18351 but also failed to stay above 18300.
Nifty corrected & faced barrier in front of it’s Post Diwali above 18000 – 2nd hurdle 18300/350. 1st barrier was 18100 that crossed & now that will be the support. Bulls aim is to cross 3rd & final barrier 18600. After correction Initially took support around 18170 but in last leg corrected more upto 18120 finally settled at 18157. Day to day basis down -46 points. It formed at bearish candle.
On the Upside index has found resistance around 18300/350. The overall trend is expected to remain volatile as long as it remains below 18300. A decisive move above 18300/350 may induce a rally towards 18600.
On the down side below 18100 main support is at 18000. Inner supports are :- 18067—18033. Only below 18000 the index may extend its loss towards 17888--17777.
The Option data indicated that the Nifty may trade in the range of 17900-18400 levels in the coming sessions.
India VIX was up by 2.11 percent to 15.92 levels, but overall low volatility is giving comfort to the bulls.