Pre-Open Daily Tech view of Nifty Spot for 21-11-2022

Nifty’s closed at 18307. D to D basis -36 points and formed a bearish candle with long lower shadow.

Friday failing to cross 18400 slipped upto 18210 but in last leg 100 points bounced back from there & somehow maintained & closed above 18300/275 mark.

Volatile move is expected in coming monthly expiry week. In coming week, main important key event is FOMC meeting minutes which will give some trending move to Nifty breaking the range bound stage.

Last week price range was narrow only in between 18200/250—18400/450. This price exhaustion or consolidation is quite natural after such big rally. Though broader markets were in corrective mode & for last 2 days biasness was weak but still there was no clear indication of top reversal. Only one thing is price closed below 5 DMA 18350/60. Expectation is after such contraction in price range break we may see a big trending move. Strategy should be still focus on dips.

On the upside :- For fresh move price is required to cross & stay above 18360 subject to hold 18200 for a move towards 18555/18666 as a swing basis. As intraday basis resistances are :- above 18360—18400-18444 & major 18479/515.

On the downside :- Intraday supports are below 18277 –18250 & major 18206 to 18179. In case more bear action swing based supports are – 18144—18101 & 18050.

As per Option Data 18400 – immediate hurdle, 18300 -- immediate base & 18000 – significant base.

India VIX fell by 3.27 percent to 14.39, comfort zone for bulls.

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Source : Eureka

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