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Pre-Open Daily Tech view of Nifty Spot for 17-10-2022
Expectation of Weak or Even Gap down Opening today amid negative Global cues.
On Friday Nifty opened at 17322 with a big GAP of 300 points. High printed at 17348.
But after initial range bound mode at higher levels in 2nd session slipped from there and some profit booking erased the morning gain partly, hit day’s low at 17170 and finally settled at 17186. Day to Day
After 5 consecutive lower top formation though this is the higher top with a Gap in between 17112 to 17170 but it formed a bearish candle on the daily charts as the closing was lower than the opening level.( 17186<17322)
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Intraday basis :-
On the upside :-17200-250 is a vital pivotal zone. If the Nifty sustains at or above 17200/250 then it can move towards 17350-17430. Extended basis 17500.
On the down side:- If breaches 17150 & stays below that then the index may slide to 17050 & 16990.Extended basis 16900.
Short term basis:- As per the overall chart pattern and indicator set-up, it seems that the Nifty will move in a broader range of 16740 - 17430 levels.
The options data indicates that the Nifty may remain in an immediate range of 17000-17500.
India VIX was down by -10% settled at 18.26 levels. A further fall may bring stability to the market.
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Source : Eureka
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