Pre-Open Daily Tech View of Nifty Spot for 11-10-2022

BY A STAFF REPORTER

Yesterday initially as expectation with a kneejerk reaction Nifty opened more than 200 points down at 17094 and slipped to 17065. Took support exactly from there that was 9DSMA but managed to recoup significant losses in the afternoon. High printed at 17280 and ended the day at 17241 taking support at 17150.

Day to day basis fell 74 points but formed a bullish candle on the daily charts as the closing was higher than the opening levels. This was the 3rd consecutive Lower top Lower bottom formation.

After testing the sound low Nifty closed above 5 DSMA 17200 with a long bullish body that indicated Buying interests generated from lower ends but at higher ends Traders turned cautious ahead of the release of the minutes of the US Federal Reserve meeting later in the week and earnings season.

Nifty’s intraday basis pull back momentum reacted from 17280 i.e. 78.60% retracement level of total fall from Friday's high 17337 and Monday's initial crucial low 17065.

Now on the down side below 17200–17150 will be acted as the support area & should hold 17100-070. But on the flip side for further upmove should cross 17280. Resistances 17337—17380 & major 17428.

Fresh bullish move only above 17430 & mainly above 17500 but as long as sustains below 17430 some problems are there and that to be more bearish if breaches 17070. Then 3 life lines on the down side are:- 200 dma sup = 16984 -- 200 Ema sup =16888 & 100 dma sup = 16787.

Options data indicates that the Nifty is expected to trade in the range of 17000-17500 levels in the immediate term.

The volatility index India VIX was up 4.3 percent to 19.62.

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Source : Eureka

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