Weekly Tech Analysis of Nifty Spot for 24-10-22 & onwards

This week is a truncated festive mainly 3 days trading week.

Here market will open today as special auspicious 1 hour Muhurat trading at evening adjusting Global cues & current sentiments. Expectation is Bullish Gap up opening above last Friday’s High 17670 and should maintain 17600-17550 as support on the down side. But in case strong Gap up opening near around 17777-17800 then in 1 hour trading better avoid fresh buying as either consolidation or profit taking is very likely from such higher levels.

Last week started from around 17100 with a big surging and 100 points Gap up inbetween 17330 to 17430 and then maintained the uptrend with volatile sessions & printed high on Friday at 17670 & finally settled the week at 17576. Week to Week basis up almost 400 points and formed a very strong bullish Engulfing candle. Day to day basis also up 12 points maintaining 5 DSMA as a support currently at 17500.That is 5 & 50 DSMAs positive juncture point too.

Now technically speaking as long as maintains above 17490/500 & more specifically 17400 then chances are there to move further towards 17800/900 but subject to cross & maintain 17700. Traders should maintain slight cautious stance as we are lying infront of upper edge of Bollinger bands around 17700.

As per Retracement against the fall from 18100 to 16750 in the month of September’22 in last week Nifty started from almost 23% retracement = 17070 & one by one crossed <38% = 17260, 50% = 17425 & 61.8% = 17585> all these 4 retracement hurdles & closed at 61.8% retracement level 17585. For these week these will act as supports. As per theory only 78.6% = 17811 will be acted as resistance & bulls expectation is that test today itself.

On the Upside :- Above 17585 Resistances are 17700—17777—17850. Major 17940. For coming week traders should cautious in between the range 17850-17950. But as per Elliot Wave theory swing basis Bulls aim to cross 18100 & to test 18300.

On the down side:- 17500-400 support area. Fresh negativity only below 17400 closing basis then 17300/200 further possible. In the Month of Oct Nifty made a base support by 3 Life Lines 200DSMA = 17000; 200DEMA = 16930 & 100DSMA = 16880.

Current RSI as per Daily chart 57 – more space there on the upside. India VIX around 17 – comfort zone for Bulls. *As per Option data range is 17400-17700/18000.

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