Pre-Open Daily Tech view of Nifty Spot for 17.11.2021

BY A STAFF REPORTER 

Yesterday, Nifty was in corrective mode failed to sustain above 18140 mark .Correction deeper after breaking below 20 DSMA 18050. Intraday basis slipped upto 17958 and finally settled at 17999, just above 21 EMA 17985. Nifty was down 110 points, or 0.61%.

The Nifty formed a bearish candle on the daily scale and negated its higher highs of the last two trading sessions.

Technical Figures that should be kept in mind:-

Retracement levels of recent 1000 points fall from 18604 to 17613 roughly 18600 to 17600

On the Up side :-

•    18333-390 very strong Resistance

•    18224 Fresh Weakness below that

•    18110-140 immediate Resistance

In middle :- 18050--17950 trend deciding range

On the Down side :-

•    17911—17879 & 17838 < 50 DSMA> Expected Supports

•    Base support & should hold 17800--17777.

Summary :-

Resistances shifted towards 18140-18224

Support shifted to 17900-17840.

In the current technical scenario, better to stay light and wait for clarity.

The Option Table data indicates decent support at 17800 and reasonable resistance at 18200.

India VIX closed at 15.19 down by -0.27 points.

Source : Eureka

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