Pre-Open Tech view of Nifty Spot for 23.11.2021

Pre-Open Tech view of Nifty Spot for 23.11.2021

After previous week’s 445 points fall from weekly high 18210, yesterday the week started with single day fall of 525 points from day high to day low and 348 points on closing basis. So the bear grip is very tight as of now, as soon as Nifty broke 17700 the fall was accelerated. First time VIX shot up today 18% and indicated there was intense fear in the market. Selling was seen across the segments. There was no respite in FII selling which has been the greatest puller of markets since last one month.

After making low 17280, Nifty closed at 17416. From 19th October to 29th October it fell 1000 points from 18600 to 17600 and then from 15th November to 22nd November it fell almost 900 points from High to low. Fibonacci retracement from 15500 low to 18600 high, 38%level is 17423 and 50% level is 17058. 20 week Moving average is 17217. Daily RSI still at 35, there is no sign of reversal yet and still bearish.

On the down side Intraday basis Next meaningful supports:-

Last day’s low 17280 is a very significant one.

Bears will get further active below 17378 then 1st support 17340 & 17322 as intra basis.

For swing basis :-

Major support 17280 & then expected major one 17217 & 17161-17127-17050.

All these are very crucial from technical aspects so be acted as very strong fencing for bulls & chances of bouncing possible at least for 1st time from any one.

On the upside intraday basis Resistance in case of Pullback:-

Positive if only stays above 17455 then upper barriers are 17492 – 17540 & 17576.

Crucial barrier 17613. Pull back may fizzle out from/ before any higher ends. Reverse selling possible after such small bouncing.

For swing basis :-

Bulls should cautious before 17677 to 17700 mark – No fresh bullish hope only above 17777-17800.

The Option Table data indicates decent support at 17300 and reasonable resistance at 17600.

Source : Eureka

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