Pre-Open Trading ideas of Nifty Spot for 11th April 2022 and onwards
New Update
Pre-Open Trading ideas of Nifty Spot for 11th April 2022 and onwards
Nifty spot prices settled in green after the last three consecutive days decline and closed at 17784.35 level. Prices formed a Bullish candle on its daily chart and also sustained above 5 DEMA level which stands at 17748 level. Now, we expect that prices are likely to move higher from current level and may test 17866 level which is also 5 DSMA and a break of that may take prices higher to 17919 and 18002 levels. Nifty’s broader range stands in between 18150 to 17600 level.
On the down side, 17730 is acting as immediate support and a break of that may take prices lower to 17666 and 17600-17575 level which may act as strong support level and likely to be intact for this week. If prices breach 17600-17575 level then we may expect a downside move to 17450 level.
Options data indicates that the Nifty could see a wider trading range of 17500-18100 in the coming days.
India VIX, the fear index corrected more and slipped 6.90 % to 17.69 levels crucial support area as per Vix chart.
Bank Nifty prices were trading in a range for the last three days which upper range comes at 37977 level while lower range stands at 37300 level. An either side break of the said range may witness of sharp move in coming sessions.
For Monday, the bias is positive and likely to test immediate hurdle of 37888 and 37999 level and a break of that may take prices further higher to 38055, 38222 and 38444 levels respectively. On the other hand, if prices fail to sustain above 37977 level then we may expect some down side moves which may take prices lower to 37655 and 37444 levels.
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