Pre-Open daily Tech view of Nifty spot for 16-11-2022

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Pre-Open daily Tech view of Nifty spot for 16-11-2022



Yesterday after higher opening at 18362 Nifty corrected upto 18282 in 1st leg of the session. After taking support from crucial Technical support area range bound move inbetween 18300-18350 almost through out the day but very smart 100 points rally upto 18428 in last leg of the session & daily basis settled at 18403.





Day to day basis up 74 points & formed a bullish candle on the daily frame. Closed above 18400 for the first time in 13 months on positive Asian cues and gains in banking & financial services, auto, and metal stocks.





It has to hold 18250 & above 18430/460 may move towards 18500/550 - 18600/666. 18250-18190 Support area.





Intraday basis :- 18360-18390 is the Pivotal area.





On the upside above 18428 Resistances are 18448/18460. Major 18482-18504/538.



On the down below* 18360 then supports are 18322—18300 & 18260.Major 18200.





Option data indicates that the Nifty’s immediate trading would be 18200-18600.





India VIX was down 1.84 percent at 14.64 levels, comfort zone for bulls.





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Source : Eureka

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