Pre-Open Daily Tech View of Nifty Spot for 14-10-2022

BY A STAFF REPORTER:  After Triple bottom formation almost at same level 16950 & after 5 days consecutive lower top formation today Nifty may open with a GAP up near or above 17150 amid strong Green Opening in ASIA < Nikkei +2%>after last Night Wall Street Big Rally .

Here post market closing Infosys Qtrly Result may also act as a stipulating agent.

Yesterday Nifty corrected 109 points to 17014 and formed a bearish candlestick pattern on the daily charts. Nifty initial range 17050 to 16950. Big move expected beyond this range either side. Nifty Bulls defended not only recent low of 16950 but also able to close above 200 DSMA 16987. The underlying trend of the market is choppy and as long as holds 16987 & specially 16950 chances of consolidation & even pull back possible but fresh weakness possible below 200 DSMA @ 16987 & 16950.

After 5 consecutive falls and narrow range momentum in last 2 days after a big fall though bottom almost same just below 200DSMA 16987 @ 16950 and that was also supported by 2nd life line 200DEMA @ 16900 so chances of reversal & break out above 17050 is very likely. Higher level stability is very essential after surging initially above 17150 & mainly above 17250 then chances are there to move towards 17330/400.

On the upside:- Above 17050 Positive & immediate bullish move towards 17110—17150.

Extended bullish move only above 17150 & then Positional basis Resistances are 17236—17295. Major 17337 to 17391. Positional break out only above 17430.

On the down side:-Below 16950 Negative & immediate Bearish move towards 16888—16855. Extended basis 16800 & 16750. Positional break down below 16750.

Option data indicated that the Nifty may trade in the range of 16500-17500 levels in coming sessions.

India VIX rose by 0.57% to 20.29 levels.

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Source : Eureka

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