Pre open Daily Tech view of Nifty Spot for 03-11-2022

BY A STAFF REPORTER
Yesterday Nifty gave a cautious stance ahead of Fed meet & special MPC meeting called by RBI on November 3.

Nifty fell 63 points to 18083 after four straight days of gains and formed a Bearish Belt Hold kind of pattern on the daily charts.

Though hiked of 75 bps but FED policy statement is not that bad there are some hints .This is the reason for which DOW already rallied 4 consecutive weeks. Also DOW was placed below the critical trend line resistance. So whatever slight positivity is there in FED statement that was discounted already. Dow finally closed -500 points & SGX Nifty -150 points. Here expectation of negative opening but fall likely to be limited if any. Our market also to be regulated by RBI’s MPC meet today. So volatile session is expected. 5DMA 17950 should be the support.

On the Down side :-
Below 18048 < 3 dma> market may correct upto initially 18000 & 17950 <5dma mark>. Correction should be restricted upto 17888+/- but extended basis if corrects more then that upto 17838. Closing basis should not below 17800 but if breaches then 1st indication of more retracement against the October Rally from 16760 to 18160. Next lower supports to be watched are at 17777-17666 levels.

On the Upside :-
Above 18110 Resistances are 18158—18188-18233. Sustainable upside could emerge only above 18200 levels. If crosses then only Swing basis other R:- 18278—18318—18350.


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