Pre-Open Daily Tech view of Nifty Spot for 22-11-2022

Nifty started the week with negative note at 18246 and fell up to 18133 initially & then throughout the day very range bound momentum & settled the 1st day of the week at 18160. D to D basis -148 points and formed a bearish candle. Another low volume & 3rd consecutive negative closing day in Nifty.

Weak global cues and selling in almost all the sectors weighed on the sentiment.

Nifty has managed to take support at 18100. Immediate support & 20dma 18100/18080 should hold to maintain the uptrend otherwise if weakness continue then crucial support at 18000/17980. Immediate hurdles 18280 & 18333 , If crosses & stays above that then still upside capped at 18450. Fresh break out only above that.

On the Upside:- Positive above 18186 then Intraday basis expected resistances are 18225 and 18255, swing basis 18277 & 18325 .

On the down side:- Negative below 18133 then intraday basis supports are 18108--18080--18056 –18030 and Swing basis expected supports are 17980—17930.

Option data suggested that the Nifty may see an immediate trading range of 18000-18400 levels for coming sessions, or at least for the current monthly expiry week.

India VIX was up 2.83% to 14.80 level, but overall remained at lower levels.

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Source : Eureka

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