Pre-open Daily Tech view of Nifty spot for 07-10-2022

BY A STAFF REPORTER: 

As expectation Gap Up opening around 17379, jumped 105 points with immediate basis day’s high printed at 17429 – then through out the day maintained the range bound move inbetween 17420 to 17320. The Index finally settled at 17332~ very close of the day’s low 17316.

Day to Day basis up 57 points or 0.30% at 17331 but formed a small-bodied bearish candle on the daily charts as the closing was lower than the opening levels, indicating a temporary weakness in the market.

Today expectation of subdued opening amid negative Global cues ahead of U.S. jobs report.

Yesterday, Nifty faced hurdle at 17430-17475 zone before showing a decisive upside breakout of the said resistance which is crucial 50 & 20DSMA juncture hurdle . Immediate support is placed at 17200-17220 area.

Nifty bulls have to decisively surpass 17430, the high of Thursday's trade & finally 17475/500 to show the further uptrend towards 17650 the high of September 23 but subject to hold base support 5DSMA = 17080 & basically 16990 i.e. 200DSMA.

On the down side :-

Supports are :- Below 17290 -- 1st 17263 & 2nd 17220-17175. Major 17100 <+/- 30>.

On the Upside :-

Resistances are :- Above 17380 -- 1st 17430 & 17488. Major 17536.

Option data indicated that the Nifty may trade in a range between 17000 to 17500 levels in the immediate term.

India VIX fell further by 1.30% to 19.32 levels, giving comfort to the bulls & for more stability needs to further come down.

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Source : Eureka

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