Pre-open Daily Tech view of Nifty Spot for 05.10.2021 & onwards

​By a staff reporter : 

‌*Pre-open Daily Tech view of Nifty Spot for 05.10.2021 & onwards*

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‌Yesterday despite unfavourable global sentiment Nifty was back in action after last Friday’s Small Doji Hammer type reversal pattern.

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‌Nifty started off the week on a strong note rallied nearly 1% or almost 160 points after Gap up opening strongly above 17600 & mainly sustain above *20 dma land mark i.e. 17550/60 zone.*

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‌Nifty formed a bullish candle on the daily charts after four consecutive corrective sessions. All sectors participated in the rally, specially Metals, Pharma shine more along with Banking & Financials and IT.

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‌*Nifty High 17750 – whipsawed around 17720 & finally settled at 17691.*

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‌Technically yesterday’s sudden vertical bouncing with gap maintaining above 17600 completed almost whole journey of the “V” shaped recovery against the fall of the last week.

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‌*On the down side :-*

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‌*Nifty closed above 5 dma 17660 – to be acted as 1st support & below that 20dma 17563 – vital one for today’s journey as weak opening is expected due to bearish global sentiments*.

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‌Nifty initially may take 1st slab support near 17563 & then psychologically band support at 17500/491.

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‌*On the Upside :-*

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‌*Nifty Bulls need to protect the range of 17585-17563 for upmove towards 17660-17711-17767.*

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‌9 dma = 17711 to be acted as initial resistance for today & then crucial break out hurdle 17767.

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‌*The Option Table data indicates* decent support at 17400 and reasonable resistance at 17700.

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‌*Fresh directional movement may possible in the coming 2 sessions.*

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‌ *India VIX* last cl 16.74 – 2.76% day today basis. Day’s low was 15.32. R: 19.30 S:- 13.85.

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‌*Summary for Today & through out the week:-*

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‌*Intraday basis Supports are:-* below 17660—17624 -17598—17563 <20dma > & 17541.< whipsaw area>

‌*Swing basis major supports at* :-*17491*-17450 & very major 17335.

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‌*Intraday basis Resistances are :-* above 17711—17767 < whipsaw area> & then only 17800 - 17844.

‌*Swing basis major resistances are* :- 17880—17937 & very major as break out at 18018.

Source : Eureka