Nifty Spot weekly Tech View_18.10.2021

BY A STAFF REPORTER: Nifty surged a massive 177 points rally on last Thursday – weekly expiry day of truncated festive week.

Nifty closed at 18338.

This was the 3rd consecutive Gap up opening as per daily chart and within 3 trading sessions by a Hop Step Jump Nifty gave a break out above last week “V” shaped double top hurdle 17947 and week to week basis rose 443 points or 2.48%.

And as per weekly chart Nifty formed a bullish candle for a second consecutive week with strong engulfing full body that means Open- Low <17840> & Close- High <18350> almost same.

Though all Bullish targets done last week but still Expectation of another big move in coming sessions with another Gap up opening for Monday with the positive expectations of ongoing corporate earnings.

Expectation of hitting 18500 & even 18600 mark very soon & after that very short term basis profit taking possible. 18275-250 whipsaw base immediate support area to hold.

As per weekly chart 3 Weeks Simple moving average 17930 & 5 weeks Simple/Exponential moving average 17840 acted as crucial life lines.

On the Upside:-

Positive above initially 18376/388 then upper expected hurdles are :-

Intraday basis 18430/50 but intraday basis should hold 17299/274.

Very short term basis 18485 to 18525 &

Short Term projection basis Trend line barrier 18600-18666.

Till Bulls are holding 18170 as a Short term basis rally can continue towards roughly 18440—18500 & above

On the down side:-

Intraday basis 18299/274 will act as a Trend Change Level & Negative below 18274 then expected lower slabs are 18251-18222 and major 18194.

Very short term basis Bears will have chance below 18170 for a move towards 18099-18000.

As a Short term basis in case breaches 18000 then only very major life line support of the current uprising trend at 17930-17840 &17777<20dma>.

As per Option data Table which indicates immediate battle point 18300 & decent support at 18200. Immediate resistance at 18400 & reasonable resistance at 18500.

India VIX Weekly basis almost flat closing +0.73% at 15.77. Weekly High 16.41 & Weekly Low 12.23.

Range :- 19.30-12.25. Comparative lower VIX suggests that bulls have the tight grip in the market.

Source : Eureka

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