Pre-Open Daily Tech view of Nifty Spot for 21-10-2022

BY A STAFF REPORTER: 

Yesterday Nifty rose 52 points to 17564 and formed a bullish candle on the daily charts.

The rally in late trade of weekly expiry helped the index to continue its uptrend for the fifth straight session. Closing Basis Long Bullish Candle Formation supported by 5 DMA @ 17420 erased the impact of initial Evening Star Bearish Reversal formation.

Nifty remained volatile during the session as Nifty recovered from the day's low 17421 to close around the high 17584. Strength resumed after crossing 50DSMA @ 17500. The short-term trend remains positive with the potential to take the Nifty towards 17700, and on the lower end, support is visible at 17400.

On the Upside :- 17585 crucial 61.8% retracement level of the total fall from 18100 to 16750~. On the upside fresh sustainable break out above 17585/610 & then Resistances are 17666 & 17722. Above that this bullish move can also extend upto 17750/800.

On the Down side:- Initially below 17523-17485 crucial support at 17420 i.e. 50% retracement, to maintain the uptrend should hold 17400. In case break down 17400 major support 38% retracement level 17300-17265.

Option data also indicated that the expected trading range is 17300-17800 levels.

India VIX was down by 1.45 percent to 17.23 levels, making the bulls more comfortable.

Pre-Open Daily Tech view of Bank Nifty Spot for 21-10-2022

Yesterday Negative Opening at 40149 and corrected up to 39849 levels then showed recovery up to 40208 levels, but failed to turn positive. 274 points lower closing at 40100 and formed a Doji kind of pattern on the daily charts.

On the Upside it has to hold above 40000 <5DMA> to make an upmove towards 40500 and 40750 levels. On the Down side supports are likely at 39750 and 39500 levels.

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Source : Eureka

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