Pre-Open Daily Tech view of Nifty Spot for 17-11-2022
17/11/2022 07:52:26 AM Poulami Das 347
BY A STAFF REPORTER
Yesterday Flat opening around 18400 then narrow range only 100 points movements through out the day in between 18444 to 18344. Closed at 18409. D to D basis up 6 points & formed a Small Doji candle indicating indecisiveness.
Another consolidation with moderate gain. It is a 4th consecutive higher top formation above 18250 supported by 5DMA i.e. at 18300. RSI also flat at 69 facing hurdle 70. Above 70 fresh bullish move is expected.
Trend is positive , may move towards 18500 & followed by the 18600 mark. New high can not be ruled out. However, the bullish view will be negated if it breaches below the 18282 level.
On the Upside Fresh Positive if stays above 18460 then Resistances are 18485, 18517 and 18555. Major swing basis hurdles are 18606—18666.
On the down side Supports are 18360 & below that major 18300. 18282 crucial area. If breaches then Bears will get active for a move towards 18225-18170. Very Major 18100.
Option Data indicated that as immediate basis, the Nifty can trade in the range 18200-18600.