Pre-Open Trading ideas of Nifty Spot for 09-11-2021 and onwards

By a staff reporter: 

Nifty spot prices settled in green at 18068 level and also at seven days high. Nifty’s immediate trend is range bound which upper range emerges around 18350 level while lower range stands at 17600 level.

For Tuesday, the bias is positive as prices close above 18020 level and also above 5 and 21 DEMA level. Nifty today bounced from key support of 17830 level which is acting as immediate strong support whereas intermediate supports are 18020, 17955 and 17888 levels respectively.

On ascent, prices are likely to test immediate resistance of 18122 level and a break of that may take prices further to 18225 level and further higher to 18350 level if extended. We should focus on buy on dips as long prices sustain above 18020 level with support of 17955 level and may hold for said higher levels.

The option data shows 18500CE has highest OI, followed by 18400CE while 17900PE has highest OI writers, followed by 18000PE. The wider range for Nifty is 17900 to 18500 while immediate range is 18000 to 18400 level.

India VIX moved up after the straight five days down moves and up by 3.7% from 15.74 to 16.34 levels.

Source : Eureka

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