Pre-Open Daily Tech view of Nifty spot for 16.11.2021

Yesterday Nifty gave an another Gap up opening < Gap in between 18123 to 18140 > and then extended previous day’s gains in initial trading session, rallied almost 100 points – High printed at 18210. But failed to cross our one projected hurdle 18230 and slipped from there. Nifty not only erased all intraday gains but also corrected upto 18071 and finally in afternoon closed flat at 18109 up by only 7 points.

Though after Friday’s strong bullish candle yesterday Nifty formed a bearish type candle which indicates temporary weakness on the daily charts as the closing was lower than opening levels at higher ends but surprisingly bulls able to defend themselves and bears failed to breach vital 20DSMA 18066, low 18071. And side by side Nifty has maintained a higher bottom formation which is broadly positive.

2nd life line is 30 DSMA i.e at 18010.

Technically 20-DSMA 18066 & 30 DSMA 18010 would act as a trend decider levels for the bulls.

As long as sustains above that , the uptrend formation could continue up to 18230/265 & even 18330 & above. But on the flip side, any dismissal of 18040 specially below 18000 could possibly open another correction wave till 17950 to 17900/17870.

As per Last closing 18109 – intraday trading levels are :-

On the upside :-

Positive above 18119 then Resistances are 18145, 18189 and then only major 18233 -18265.

Cautious at higher levels. Reverse selling possible.

On the down side :-

Negative below 18066 then Supports are 18040, 18010 and then only major 17985 -17954.

Bullish focus on dips only. Very Major support at 17901.

The Option Table data indicates decent support at 18000 and reasonable resistance at 18300.

India VIX almost flat closing at 15.47 against last week closing 15.22 up by only 0.22 points.

Current Range 13.30 to 17.30 & major 19.60.

Source : Eureka

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