Pre-open Tech view of Nifty Spot for 29.10.2020

By a staff reporter: 

Yesterday was a full bears day from starting to end.

Opening High almost 18190 & Low 17799, settled at 17857, formed a Bearish Engulfing Candle.

Day to day basis -353 points fall in Nifty highest in last 6 months.

Correction was vertically actually after breaking previous low 17968 at 1.00 pm.

All Bear’s aims are tested within a day. Failed to cross 9 dma 18213 & broke 5 dma 18111 & vital 20dma 18020 & even 30dma = 17902.

As we have weekly monthly close today so last 1 hour may be crucial for today.

On the Upside:-

•    In case reverse bouncing occurs then pull back hurdles are above 17900--17968 -- 17995 & 18020 <20dma >.

•    Only above that next major barrier 18080—18111 <5dma >. Difficult to cross.

•    Very crucial whipsaw area & bears action possible in between 18213 <9dma > to 18333.

•    Fresh positivity only above 18350 if stays.

On the down side :-

•    If stays below 17900/922 or any pull back fizzle out above 17970/990 then further bear actions & more corrections, below 17850 1st support 17788.

•    But further if breaches 17788 then fresh negativity & then other lower supports are 17765, 17729 and 17701.

•    Major break down support 17666—17600.

The Option Table data indicates current support at 17800 and major 17600/500.

Reasonable resistance at 18000 & 18200.

Current battle point 17900.

India VIX is rising & daily basis up 6.45% & closed at 17.91.

S:- 16.85-14.55 R:- 19.50-21.70.

Source : Eureka

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