Pre-Open Daily Tech View of Nifty Spot for 12-10-2022

By a staff reporter-Yesterday Nifty fell 257 points or 1.5% to 16983 and formed a bearish engulfing candlestick pattern on the daily charts. Nifty opened flat at 17256 but started drifting lower to hit the day's low of 16950 in late trade.

Nifty not only erased last day’s total gain but also broke crucial 9DSMA 17070 & even closed below the psychological 17000 mark that also vital 200DSMA. Selling intensified amid weak global cues over growing fears of a recession and Traders are cautious ahead of the release of the minutes of the US Federal Reserve meeting later in the week and earnings season. Every sector closed in red.

Yesterday’s bearish engulfing candle showing signs of revisiting its crucial support of around 16800 levels i.e. 100DSMA breaking 200DEMA = 16900/16888 in the short term. If breaches Recent low 16747 then chances of lower bottom formation & expected support is at 16622 i.e. crucial retracement level. Short term basis that should hold.

On the Upside Immediate resistances are placed at 17087-17150 & major 17222-17261 levels. More strength above 17300+.

Technically Current range 16750 to 17250.

Option data also suggests that the immediate trading range for the Nifty shifted lower to 16800-17200 from 17000-17500.

India VIX rose 4.42% to 20.49 levels, adding to discomfort for bulls.

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Source : Eureka

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