Pre-Open Trading Ideas of Nifty Spot for 28.10.2021

BY A STAFF REPORTER

Yesterday we have seen a Volatile trading session before monthly expiry with negative bias.
Nifty was down 57 points, or 0.31% correction against the previous day's gains & closed at 18210.

Against the last day’s Green candle, Nifty gave a higher opening at 18295 with higher top at 18342 but failing to cross 18350/60 hurdle corrected heavily specially in last session, taking support at 5 dma, low 18167 & finally settled at 18210 down by 57 points. Nifty formed a bearish candle on the daily chart.

*Therefore Nifty shows some range bound move in between 18350 & 18150.* Beyond that fresh directional move possible either side.

*On the upside :-*

*Intraday basis* if Nifty sustain above 18226 in the next session and crosses & maintains above 18258, strength shall further extend towards 18284 & major 18335.

*As a swing basis* above 18360 bulls should have a look for the targets of 18480/550.

*On the down side :-*

*Intraday basis* immediate supports *below 18167 --5 dma at 18138--18118 & 18066.*

*As a swing basis* vital sup18030/010 – 20dma & below 18000 expected next life line support at 17960 & very major 17890 – 30dma.

*The Option Table data* indicates *decent support at 18100 and reasonable resistance at 18400.*

*India VIX* flat closing at 16.83 up by 0.45% day to day basis.

Source : Eureka

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