Pre-Open daily Tech view of Nifty Spot for 13-10-2022
New Update
BY A STAFF REPORTER
Today Asia-Pacific opened with slight negative, mostly mixed as investors await inflation data from the U.S. due later stateside. Investors digested minutes from the September Federal Reserve meeting. The minutes showed the central bank expected to keep hiking interest rates until it sees receding inflation. Here expectation is subdued opening within the range in between 17000—17100.
Yesterday Nifty rose 140 points to 17124 and formed a bullish candle as closing was higher than opening levels or Inside Bar kind of formation on the daily charts after the big bearish candle pattern & after three straight days of losses indicating a strong demand zone near 16950 levels for the short term & that should hold to maintain the uptrend though Nifty’s broader range is 16740 --17430 levels for the short to medium term.
Nifty witnessed a relief rally with a Hammer kind of formation taking support from 200DSMA 16987 after several previous negative sessions but still question of sustainability to maintain this recovery towards 17400/500 as multiple negative factors are there.
On the Upside Resistances :- 1st 17150 & then major 17200/230 <5DSMA> . Strong hurdle 17260-17300.
On the down side Supports are :- 1st 17060 & then major 16987 <200DSMA> –16950. Below that 2nd Life Line 16900 = 200DEMA.
Option Data says Nifty may trade in the range of 16800-17300 in the coming sessions.
India VIX was down 1.53% to 20.18 levels, giving some comfort to the bulls.
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