Pre-Open Daily Tech View of Nifty Spot for 14-11-2022
New Update
BY A STAFF REPORTER
Last week Nifty closed at 18350~, that was Jan 2022 high & Yearly Record High too.
Day to Day basis gained 321 points. Formed a bullish candle with a massive almost 250 points Gap up opening. But Index based gain mainly supported by healthy global positivity & strong performance by IT & Banking stocks. Broader market had dismal performance.
Market was basically stipulated by easing inflation, the possibility of lower rate hikes by Fed, declining US dollar, and healthy FII Figs. Next week key events are India’s Inflation, Export & Import data, G20, APEC Summits etc.
After such massive consecutive weeks surging some consolidation can't be ruled out in the coming week though indicators are showing their positive mood & more potentialities are still there.
On the Upside :- Intraday basis positive if stays above 18350/70 range for a move towards 18401-18440-18465 subject to hold 18295/255. Swing basis hurdles are 18496—18555. Range of 18555-18595 is crucial supply zone for coming week. If tests traders should be used to lighten up longs for 1st time at least.
On the downside :- 18295-18255 is intraday basis immediate support zone. Till Nifty is above 18255 Bulls have upper hand otherwise swing basis 18200-18165 vital support area i.e. 5dma support & 9 Dma 18120, that should hold. Bears will get active below 18100 for a move towards 18050—17996/970.
Options data suggests a broader trading range between 18000 to 18700 zones, and an immediate trading range between 18200 to 18600 levels.
Strategy :- Buy on dips until key supports are breached.
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