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New Update
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By a staff reporter:
WEEKLY TECH VIEW OF NIFTY SPOT _25.10.2021 - PART I
Post Festive Week was a corrective Week as expectation.
Week to Week basis more than 1% down i.e. -222 points.
Weekly High 18600~ & Low 18040~ difference almost 550 points. Closed at 18115.
Coming Week expected range :- 18350 Upper Side & 17950 Down Side.
Last Week correction was inevitable, though expected area was 18666-18700 range but by 4 consecutive Gap Nifty rose at a stretch from 18000 to 18600, which one was a rare incident, so failing to stay above 18600 specially above crucial whipsaw zone 18590-18540 Nifty slipped 550/500 points & took a slab at lower side around 18040/30 area as a double bottom.
18030 not only Technically < 50% retracement against previous almost 1100 points rally > but also 18000 Psychologically a crucial support zone which one is supported by 20 DMA 17950 and as last week before 18000 double bottom formed so for next week as long as 18000<+/-50 > holds bulls are safe & strength will resume if breaks & sustains above 18170 & 18212/250 & then chances of “W” formation but for that should cross main hurdle 18330.
If rally fails to cross 18170 & 18212/250 and further breaks almost double bottom area 18030 with the help of bear strength then more down side possible. Last time main cause of fall was technically negative divergence in RSI and price rise with lower avg volume & surging vol was supported by retailers not by DII & FIIs. So chances of higher ends stability was risky. If such incidents occur further then Nifty Bulls may face some problems.
WRSI = 74 & DRSI = 60 after correcting from top. 5 Wmov = 17950.
PART II
NIFTY SPOT - IMMEDIATE TRADING RANGE :-
18171/212 to 18101/18062 --- weekly pivot 18250 - key resistance
UP SIDE SWING BASIS :-
1. Resistances are :- Above 18250 -18330 & 18385.
On the upside roughly speaking 18300-400 range is the whipsaw cautious area.
2. If crosses then only Extended basis major hurdles :- 18440/485 & very major 18540/590.
3. Above 18604 break out expected projection : 18777/800.
DOWN SIDE SWING BASIS:-
1. Supports are :- Below 18022 & 17990 – 17940-17900.
2. Extended basis major supports :- 17867 & very major 17800/777.
3. Below 17777 break down support 17714--17600.
THE OPTION TABLE DATA indicates decent support at 18000 and reasonable resistance at 18400.
INDIA VIX closed at 17.55, Weekly up 11.27%.
• Weekly Support 16.85 & then :- 15.55—14.85—14. Major 11.
• Weekly Resistances 18.85 & then :- 19.56—21.56 –22.25. Major 25.
PART III
WEEKLY TECH VIEW OF BANK NIFTY SPOT _25.10.2021
BANK NIFTY Last closing 40323 relatively stronger than Nifty.
As per Daily Chart RSI : 77.70. Though Tending towards over bought stage but still no divergence showing bullishness. As long as no divergence Traders are safe – Focus on dips, otherwise should cautious at higher.
Sectoral rotation possible. 5 DMA = 39820.
Day to Day basis as per last Friday’s Closing rose almost +300 points
Week to Week basis 2.50% i.e. almost +1000 points
Month on month basis +2900 points~.
Weekly Open :- 39800~
Weekly Low :- 39300~ < Wednesday>
Weekly High :- 40600~ < this Friday >
& Weekly Close :- 40300 < actually 40323>
Resistances :- 40555-40800—41000—41200
Supports :- 40070 –39900—39800/700 & then 39477/375
Post Festive Week was a corrective Week as expectation.
Week to Week basis more than 1% down i.e. -222 points.
Weekly High 18600~ & Low 18040~ difference almost 550 points. Closed at 18115.
Coming Week expected range :- 18350 Upper Side & 17950 Down Side.
Last Week correction was inevitable, though expected area was 18666-18700 range but by 4 consecutive Gap Nifty rose at a stretch from 18000 to 18600, which one was a rare incident, so failing to stay above 18600 specially above crucial whipsaw zone 18590-18540 Nifty slipped 550/500 points & took a slab at lower side around 18040/30 area as a double bottom.
18030 not only Technically < 50% retracement against previous almost 1100 points rally > but also 18000 Psychologically a crucial support zone which one is supported by 20 DMA 17950 and as last week before 18000 double bottom formed so for next week as long as 18000<+/-50 > holds bulls are safe & strength will resume if breaks & sustains above 18170 & 18212/250 & then chances of “W” formation but for that should cross main hurdle 18330.
If rally fails to cross 18170 & 18212/250 and further breaks almost double bottom area 18030 with the help of bear strength then more down side possible. Last time main cause of fall was technically negative divergence in RSI and price rise with lower avg volume & surging vol was supported by retailers not by DII & FIIs. So chances of higher ends stability was risky. If such incidents occur further then Nifty Bulls may face some problems.
WRSI = 74 & DRSI = 60 after correcting from top. 5 Wmov = 17950.
PART II
NIFTY SPOT - IMMEDIATE TRADING RANGE :-
18171/212 to 18101/18062 --- weekly pivot 18250 - key resistance
UP SIDE SWING BASIS :-
1. Resistances are :- Above 18250 -18330 & 18385.
On the upside roughly speaking 18300-400 range is the whipsaw cautious area.
2. If crosses then only Extended basis major hurdles :- 18440/485 & very major 18540/590.
3. Above 18604 break out expected projection : 18777/800.
DOWN SIDE SWING BASIS:-
1. Supports are :- Below 18022 & 17990 – 17940-17900.
2. Extended basis major supports :- 17867 & very major 17800/777.
3. Below 17777 break down support 17714--17600.
THE OPTION TABLE DATA indicates decent support at 18000 and reasonable resistance at 18400.
INDIA VIX closed at 17.55, Weekly up 11.27%.
• Weekly Support 16.85 & then :- 15.55—14.85—14. Major 11.
• Weekly Resistances 18.85 & then :- 19.56—21.56 –22.25. Major 25.
PART III
WEEKLY TECH VIEW OF BANK NIFTY SPOT _25.10.2021
BANK NIFTY Last closing 40323 relatively stronger than Nifty.
As per Daily Chart RSI : 77.70. Though Tending towards over bought stage but still no divergence showing bullishness. As long as no divergence Traders are safe – Focus on dips, otherwise should cautious at higher.
Sectoral rotation possible. 5 DMA = 39820.
Day to Day basis as per last Friday’s Closing rose almost +300 points
Week to Week basis 2.50% i.e. almost +1000 points
Month on month basis +2900 points~.
Weekly Open :- 39800~
Weekly Low :- 39300~ < Wednesday>
Weekly High :- 40600~ < this Friday >
& Weekly Close :- 40300 < actually 40323>
Resistances :- 40555-40800—41000—41200
Supports :- 40070 –39900—39800/700 & then 39477/375
Source : Eureka
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