Pre-Open Tech View of Nifty Spot for 02.11.2021

BY A STAFF REPORTER 

On the 1st day of the Auspicious Truncated Festive Week Bulls came back in to the battle field as expectation after three-days massive correction.

Yesterday Nifty bounced smartly from 17697 to 17954, rose 258 points or 1.46% & finally settled at 17929. Nifty formed a bullish candle on the daily charts and within a day Nifty covered almost 50% of the previous correction <18300~ to 17600~>.

Healthy GST collection for October, strong manufacturing PMI data and better-than-expected auto sales for October lifted sentiment.

On the upside :-

Now technically, above 17900 Bulls may face hurdles either near 18000 or 18100 & more important before 18200 & they should cautious before expected halting area 18100-18200 levels because for 1st time chances of fizzling out possible there.

But if Nifty Bulls decisively able to break & cross the hurdle 18200 and stay above that then the present negative chart pattern could be nullified and the market could continue with further upside say around 18333-18400.

On the downside:-

Support shifted higher to 17777/733 and 17666/649 if breaches 17820/800 mark.

As long as Nifty holds 17600 <+/-50> on a closing basis, it is safe to assume that the trend continues to remain on the upside. One below that -50DMA -fresh positional negativity.

The Option Table data indicates decent support at 17800 and reasonable resistance at 18200.

India VIX down -1.09 % closed at 17.24. Support 14 & Resistance 20.

Source : Eureka

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