Pre-Open Daily Tech view of Nifty Spot for 20-10-2022*

Today expectation of weak opening amid bearish global cues & as Rupee sinks to new low of 83 against the dollar. Yesterday’s chart pattern also suggested the negativity. Though Nifty Day to Day basis gained 25 points but candle color is red as Cl

Yesterday 2nd Gap up Opening . Opened at 17568 but initially High printed at 17607. Facing hurdle around 17600 corrected upto 17472, filled up the morning Gap & finally closed at 17512. 

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*Immediate basis trading range 17555 to 17470 & short term basis main range 17600/700 to 17300/200.*

*Though as per daily chart pattern bearishness & some profit taking possible from higher ends and slight vulnerable below 17430/400 but short term basis trend is still intact as long as holds 17300/200.*

*Fresh negativity* below 17430 then lower targets are :- 17389—17344—17295.

*Upper side* strong resistances inbetween 17555/575. Fresh positivity above 17575 & then fresh resistances are 17625—17670.

*Options data* also suggests the immediate trading range for the Nifty from 17300 to 17700 levels.

*India VIX* was up 0.20 percent at 17.49 levels.

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Source : Eureka

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