Pre-Open Daily Tech view of Nifty Spot for 13.10.2021

By a staff reporter: 

Yesterday Nifty formed an Inside bar failing to break day before yesterday’s high <18042> and low <17839> but after day before yesterday’s false attempt yesterday Nifty Bulls able to close not only above 17950 i.e. current support <3dma & double top break out of last week “V” shaped recovery> but also above crucial immediate support level 17975.

Yesterday after subdued opening Nifty tested the support 17865 & then bounced & maintained the bullish bouncing mode throughout the day & after crossing 18000 closed at 17991. Day to day basis gain 46 points.

17940/50 to 18040/50 is the current trading range of Nifty & both side these two zone may be acted as the whipsaw area - false break out above 18040/50 possible & side by side even false break down possible if breaches 17940/50, so these are the two cautious zone for traders.

As Nifty gave a highest ever closing and maintained the uptrend bulls aim to move towards 18200-18250 as swing basis. Middle probable hurdles are 18045-18099 & 18174.

Swing basis Bears will further active only below 17841<5dma> for a move back towards 17774<9dma> -17707 <20dma> & even 17650.

MONTHLY BASIS MAJOR POSITIONAL RANGE - UPSIDE :- 18300/400 & DOWNSIDE :- 17600/500.

As intraday basis :-

On the Upside :- Positive above 18009/19 Resistances are 18045, 18099 and 18118

On the Down side :- Negative below 17973 Supports are 17955, 17938 and 17900

17938-900 will act as a Intraday Trend Change Level, should hold to maintain the uptrend.

The Option Table data indicates decent support at 17800 and reasonable resistance at 18100.

India VIX day to day basis almost flat closing @ 15.85 < -1.48%>, low tested at 13.94. Resistance 17.50.

Source : Eureka

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