Pre-Open Tech Outlook of Nifty Spot for 12.11.2021

BY A STAFF REPORTER  

Yesterday Nifty started the journey with a lower opening below 18000 at 17985 – day’s Open High and then extended the fall upto 17807 but Nifty Bulls defended themselves from 17800 followed by the crucial Life line 17777. In last hour some pull back occurred from good support level 17800-777 mark & managed to erase some intraday losses & closed finally below crucial level 17900. Nifty settled at 17873 lower by 143 points or 0.80 %.

This is the third consecutive sessions, market remained under pressure & Nifty formed a bearish candle on daily scale.

Upside & Down side:-

17850/800 & 50 DSMA = 17777 is the immediate base support – that should hold.

As long as the trades above 17800, it can once again take a chance to move towards 18000-18100.

Immediate resistance is 17950 to 30 DSMA = 18000 – that has to cross & hold above for next bullish journey towards the Major hurdle 18050 and main Bullish barrier 20 DSMA = 18080/18110.

One can expect a fresh breakout above that.

So current trading range is 17800 to 18100. Until then it is best to wait for a directional move.

If breaches either side then break down & break out range is 17700/17650 < down side > & 18250/18330 < upside >.

Any dip near the said levels will be a buying opportunity on the positional basis with a stop out level below 17600 zone.

As per Option Chain current battle point is at 17900 – Reasonable resistance 18000 < call side highest OI > & Reasonable support 17800 < Put Side highest OI >.

India VIX closed with a flat note at 16.35 <0.04 pts or 0.25% + >.

Source : Eureka

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