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New Update
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Pre-Open Daily Tech view of Nifty Spot for 19-10-2022
Yesterday we have seen a Gap up opening < Gap between 17330 to 17430~> at 17439 with day’s low at 17434, then maintained the up trend through out the session. Intraday high printed at 17528 & finally settled the session at 17487, up by +175 points, the highest closing level since September 22.
Within this week gained more than 300 points. Weekly basis it formed a strong bullish candle & day to day basis formed a small-bodied bullish candle.
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Bullish momentum gathered day before yesterday after crossing 5-9-20 dma positive juncture point at 17222. As long as sustains above that the short term basis trend is up. Profit taking possible but 17300/200 should hold.
The momentum indicator RSI also currently at 55 sustaining above 50 that reflects the rising momentum in the prices.
On the up side as long as maintains above 17430/400 – 17530—17600/630 will be acted as the resistance areas &
On the down side as long as sustains below that the Nifty can start sliding down again & try to fill the Gap support 17330 & major support 17222 in the coming sessions.
As per Option data expected trading range will be 17200-17700 from 17000-17500.
India VIX, fell by 5.4 percent to 17.42 levels. If volatility falls further around 15 mark and sustains there, then the bulls may turn stronger in coming sessions.
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Source : Eureka
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