Pre-Open Daily Tech view of Nifty Spot for 27-10-2022
New Update
BY A STAFF REPORTER
Last day Nifty though initially opened with a Gap even above Muhurat Day’s High 17777 at 17808 and immediate basis printed high at 17811 but failed to sustain this rally. Momentum fizzled out from 17800 & after breaking 17700 erased not only half of its Muhurat trading gains but also corrected up to 17637, and finally settled at 17656.
Day to day basis down almost 75 points. Technically it has formed a Bearish Belt Hold pattern that indicates some profit taking after a recent rally which was expected from resistance area 17800 but as long as the index trades above it’s 5 DSMA & previous consolidation zone 17600-17560 then the trend is expected to be positive to move towards 18000--18100 mark.
For Intraday basis :-
On the Upside:- Initial Resistances are 17777/17811. Fresh move above that & then swing based 17851 & 17888. Cautious Hurdles are 17919 - 17972.
On the Down side :- Immediate Supports are below 17640 – 17600 & 17560. In case any decisive break 17560 then only next vital support 50DSMA 17503 & 17460.
Option data indicates that the Nifty may trade in the range of 17500 to 18000 levels in coming sessions.
India VIX was down by 3.11% from 17.42 to 16.88 levels. If it further comes down to 15.50 levels that will be more favourable for bulls & more for market stability. Resistances are:- 17.11—17.40-17.70 & 18.
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