Pre-Open Daily Tech view of Nifty Spot for¬_18.10.2021

BY A STAFF REPORTERs

Last day Nifty created History & ended at fresh record closing highs.

Nifty surged a massive 177 points or 0.97% rally on last Thursday – weekly expiry day of truncated festive week. Nifty closed at 18338.

There were 2nd consecutive Gap up opening as per daily chart and within 3 trading sessions by a Hop Step Jump Nifty gave a break out above previous week “V” shaped double top hurdle 17947.

As per technical candlestick formation these are called *3 Advancing White Soldiers*. 

signaling break out & a reversal has occurred.

*If we considering short term – monthly time frame as long as Nifty bulls able to hold 18066 <5dma> to 17950 expectation of this rally to move towards 18666+.*

In case positive another gap up opening Price may come back to test *18374* crucial weekly level for coming week & today too, as per closing though now it is resistance but in case gap up advance opening that to be acted as support. 

*So, Nifty Spot Trend Deciding Level: 18374*

*As intraday or very short term basis :-*

*On the Upside :-* 

*Positive above initially 18374/388* then upper expected hurdles are :-

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

*Very short term basis 18485 to 18525*

*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 18099/066 & 18000*.

*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* last closing at 15.77 daily basis -2.07%. Last day’s High 16.28 & Low 12.61.

Range :- 17/19 -14/12.

Source : Eureka

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