Pre-Open Tech View of Nifty Spot for 11.11.2021

By a staff reporter: 

Yesterday we have seen another volatile session, after initial intraday selloff.

Nifty found support near 17900 and sharply reversed in the closing hours.

Though Nifty finally ended in Red, down by -27 points or 0.15% at 18017, but still candle color was in Green as day’s closing was higher than opening & formed a small-bodied bullish candle on the daily scale.

In yesterday’s trading main draggers were PSU Bank, Metal, Realty while buying was seen in auto, energy, infra and pharma stocks.

Global cues specifically US markets were in negative territory yesterday after highest inflation reading in 30 years triggers bond yield spike.

Here, Nifty is in a consolidation phase for the past few trading sessions in between 17800, more specifically 17900 & 18100 range.

On the upside, Nifty Bulls are trying to cross the 20 DMA mark i.e 18090, which is a critical juncture at this point in time. If the Nifty able to sustains above 18110 for a couple of sessions, it can move towards primary basis 18400 and then may test further 18600 mark too.

Intraday basis :- 17970/990 is the Pivotal area – for up move should hold 18000 then Resistances are

18034—18062 & major 18090/18118.

On the downside, immediate support is 17950 & important at 17915 & 17888. If breaches further then only more bear grip and may move towards major support at 17850 and 17777 < 50dma support >

As per Option chain Highest Open Interest in Call side at 18100 & 18200 strike prices, so 18100-18200 are the crucial hurdle now & Put side Highest OI at 17900 & 17800 , so down side these are the fencing areas. Current battle point is at 18000.

India VIX closing was almost flat at 16.30, up just 0.30 points. R: 16.80—17.50 & S: 15.15—14.00.

Source : Eureka

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