Pre-Open Daily Tech view of Nifty Spot for 31-10-2022
New Update
BY A STAFF REPORTER
Entire Diwali week Nifty consolidated within a range bound move in between 17640 to 17840 & on Friday finally closed at 17787. Day to day basis up 50 points and formed small bodied bullish candle on the daily charts.
Today expectation of impulsive move amid Green global cues above Friday’s High 17840~ towards 18000 & 18100.
Momentum Indicator RSI currently at 62 which indicates positive momentum.
India VIX dropped 4% to 15.92 levels. The fall in volatility also favorable for bulls.
Option data indicated that the Nifty may trade in the range of 17500-18200 in the coming days.
On the upside :- In case Gap up strong positive opening then above 17840 & mainly above 17888 fresh positive move towards intraday basis 17927—17957 & 17992. Cautious at higher & intraday basis profit taking possible. Swing basis major Resistances are 18044 & 18100.
On the down side :- Below 17840 & 17808 vital support at 17765. Intraday basis fresh Negative if stays below 17765 then other expected supports are 17724 & 17690. These are 3 & 5DSMA supports & to maintain up trend should hold. Swing basis fresh negativity only below 17690 & then other Supports are 17637– 17577 & very major 17505 <50DSMA>.
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