Weekly Tech View of Nifty Spot _08.11.2021

Weekly Tech View of Nifty Spot _08.11.2021

Samvat 2078 started on a positive note with gains of 0.49% or +87 points on special Muhurat trading day, held on Nov 4’2021.

Truncated Diwali week ended higher after a two-week of downfall of 1000 points from 18604 to 17613.

This week Nifty gained 245 points or 1.39% to close at 17916 levels.

Samvat to Samvat Nifty rose 40% or 5150 points and touched the record highs of 18604.

Following Figures should be kept in mind for next week

On the Upside :-

From traders point instant support 17888-848.

Below 17840 --17808 -- 17777 / 17750 would act as another immediate support levels.

As long as holds 17750 we can expect up move initially up to 17975/992 levels and then major breaking point 18065 <20dma >.

On the higher side 18000-18100 will continue to act as a cap for the short term cautious area for traders.

For fresh rally stable closing above 18066 to 18110 & then expectation to move towards 18185/225 -18333 & major 18450.

On the Down side :-

If Nifty trades below 17770/750 could possibly trigger one more round of correction wave up to 17700-17660 < 50dma >

The downside is expected to be restricted to 17660/600 for the short term & as long as holds these are the buy on dips zone.

Only beyond that closing basis fresh Bear move possible.

Therefore, Technically for Coming week Initial basis Nifty may be range bound in between 18060/18100 to 17660/600 range.

Beyond that fresh directional Trending move either side.

INDIA VIX weekly basis down -9.63% & closed at 15.75.

Weekly Resistance : 17.80—19.80—21.50 & Supports : 14.07-12.30—10.25.

Source : Eureka

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