Pre-Open Daily Tech view of Nifty Spot for 28-10-2022

BY A STAFF REPORTER: 

This is the 3rd consecutive Gap up opening at 17771 & High printed at 17784. Nifty further failed to sustain this rally. Momentum fizzled out from 17777 & then down trend continued through out the trading session almost & low made at 17654. Technically 17666 -17650 was the support area taking support almost from there & in last half an hour of the Monthly expiry session gave a vertical recovery & further moved upto 17773 mark & closed the session at 17736.

Day to Day basis up 80 points but it formed a small-bodied bearish candle that resembled the Hanging Man pattern on the daily charts, which is a bearish reversal pattern that appears at the top of an uptrend.

Nifty is range bound in between 2 crucial levels. On the upside that is 17800 & on the down side it is 17650 < 5 DSMA & 5 DEMA Cluster support >.

For Intraday basis Bulls will get active above 17817 for a move towards 17854 – 17900 & 17944.

Bears will get active initially below 17707 & mainly below 17650 for a move towards 17600—17553 & major 17487.

India VIX, declined 1.67 percent to 16.6 levels.

The options data indicates that the Nifty’s trading range for the coming sessions may be 17500-18000.

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Source : Eureka

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