Pre-Open Daily Tech view of Nifty Spot for 10-10-2022

Initial down fall either may protect from there or as an extended bear action basis may correct upto 17007 <61.8%> to 16982 <200 DSMA >. To maintain the up trend should hold that otherwise on the down side may move towards 16888 i.e. 78.6% or 200DEMA Life Line support.

On the Upside initial basis should cross 17337 & stays above 17375 then 1st major hurdle 17430.
Positional basis fresh bullish break out only above 17430 to move towards 17500-17600 mark.

Current RSI 49.61 – almost flat & mid of the range. India VIX fell by 2.6 percent to 18.81 levels
Option data indicated that the Nifty may remain in a range of 17000-17500 in immediate basis. Tech view of Nifty Spot for 10-10-2022*

Last Friday Nifty’s session started with a lower opening at 17287 and then through out the session remained in a range of about 100 points. Low 17217 - High 17337 & ended almost flat amid volatility above 17300 at 17315 with 17 points losses. Nifty formed a small-bodied bullish candle on the daily charts.

Today Opening may be subdued or Gap down not only below 5 DEMA 17217 but also below 17168 <38.2% retracement level of last 4 days Bullish journey from 17747 to 17428 >. After such initial knee jerk correction bulls may prevent themselves by a fencing near around <50%>= 17070 <+/-20>.

Initial down fall either may protect from there or as an extended bear action basis may correct upto 17007 <61.8%> to 16982 <200 DSMA >. To maintain the up trend should hold that otherwise on the down side may move towards 16888 i.e. 78.6% or 200DEMA Life Line support.

On the Upside initial basis should cross 17337 & stays above 17375 then 1st major hurdle 17430.
Positional basis fresh bullish break out only above 17430 to move towards 17500-17600 mark.

Current RSI 49.61 – almost flat & mid of the range. India VIX fell by 2.6 percent to 18.81 levels
Option data indicated that the Nifty may remain in a range of 17000-17500 in immediate basis.

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