Pre-open Tech View of Nifty spot for 21.10.2021

By a Staff Reporter:  Yesterday we have seen 2nd big consecutive fall. We got big bearish move as per expectation after day before yesterday’s another bearish engulfing candle which was slipped from 18604 mark.

Yesterday High was 18458, so bulls failed to break 18468 which was 38% retracement pull back hurdle of 1st days’ correction from 18604 to 18377 and bears once below 18377 & more specifically below 5 dma 18333 correction extended not only upto 18240 but also low tested upto 18209. Finally after slight bouncing the benchmark settled at 18266. Day to day basis -152 points or -0.83% correction.

For Swing purposes:-

Upside :-

Current pull back hurdle –pivot area Is 18333-360 & Very major hurdle & trend changing zone 18460.

Fresh Bullish move will resume if only stays above 18460 mark & then 18560/600 & even above that 18666/18700 new peak possible.

Down side :-

As per closing 18266 – major swing support is at 18166 even below 18200.

Fresh Bearish move if only breaches below 18166 & then 18111-18040 possible. Major 17950/910.

For Intraday Purposes :-

Positive above 18313 Resistances 18333 - 18360/377 <1st alarming > & major 18406/441 < 2nd alarming & cautious hurdle>

Weak below 18225 Supports are 18200, 18165 and 18133/18091.

Today weekly Expiry & expected Upper Edge of Expiry : 18441 & Lower Edge of Expiry : 18091

The Option Table data indicates decent support at 18200 and reasonable resistance at 18400.

India VIX, rose 5.35% from 17.38 to 18.31 levels. Took same support at 15/14.The spike in volatility for the last 3 days suggests that a volatile move could be seen in the market. R: 19.50—21.50.

Source : Eureka

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