Pre-open Tech view of Nifty Spot for 26.10.2020

BY A STAFF REPORTER

Nifty Spot yesterday gave a volatile session in between 2 crucial levels 18250 & 17950 & finally settled almost flat at pivotal point 18125. Day to day basis 10 points up – 1st positive closing after last week 4 consecutive negative closing though candle is Red as Opening was almost 100 points higher than closing.

Yesterday Nifty formed a long lower shadow on the daily chart as some buying interest was generated from expected crucial technical lower level 20dma & 5WMA 17950 after initial correction from 18241 (crucial resistance 5-9 DMA bearish crossover point) to 17968.

Sharp surging of Heavy weight Banking item ICICI bank not only boost bank Index but also helped Nifty to pare the losses. As Axis Bank and Kotak Bank will report their numbers on October 26, so we may expect that the banking pack will remain in focus.

Nifty should hold 17950 levels on the down side – as this week is monthly expiry week so we may see the choppiness –for fresh journey should cross & stay above 18250 mark on the upside.

As an intraday basis :-

On the upside :-

Positivity if stays above 18155 then Resistances are 18185/18200 & then move towards 18244

< cautious zone > & if only breaks then 18274 to 18292.

On the down side :-

Negativity if stays below 18100 & then supports are 18075—18045 & 18025/18000.

Major support 20dma running at 17966.

Swing basis break down support 17910—17840 (30dma support )

The Option Table data indicates decent support at 18000 and reasonable resistance at 18400.

India VIX day to day basis flat closing at 17.61. Sup 19.30 Res 13.80.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.