Weekly Tech View of Nifty Spot_01.11.2021

Last week was a second consecutive corrective week & 2nd bearish Engulfing candle formed as per weekly chart.

Nifty Week to Week basis corrected 443 pts or 2.50%~ & in 2 weeks correction 991 pts .

Last Week Monday Op:- 18229 then Wednesday High:- 18342 then in last 2 days correction, Low :- 17613 & Weekly closed at : - 17671.

Coming week is a special auspicious week & Bulls will expect that Nifty may bounce in such truncated festive week after almost 1000 points fall.

As on daily chart after deep correction & breaking below 20DMA 18000 mark almost reached to it’s next good support zone 50 DMA i.e. 17550 area, so as long as if able to hold that level <+/-50> then one can again expect decent pullback towards 17800-17900 zone, which may act as the immediate hurdles also on the higher side. Fresh Bullish move only possible above 18000 mark.

For coming week immediate expected Range 17950-17550.

Apart from the earnings, traders are closely watching the upcoming US Fed meet and auto sales numbers.

Technically

On the up side :-

If bouncing occurs then above immediate pull back hurdle 17777-800 – 1st Resistance = 17850-888 & above 17900 -- 2nd = 17950-978.

Next one is 20DMOV & 5 DMOV bearish cross section point = 18020 & major hurdle 18066 to 9 DMOV = 18111.

18100-18200 weekly basis whipsaw area. Swing basis strength will resume only above that then bulls aim to retest 18333-18400.

On the down side :-

If any pull back fizzles out around 17800-17850 range & further breaches 17666 then immediate below 17600 – main support 50dma at 17550.

17550 should hold as on closing basis but if breaks then only retracement based major support at 17400 to 17355.

Fresh negativity only below that - projected lower slabs are 17250—17130/050.

India VIX surprisingly weekly basis flat closing at 17.42 <-0.68%>

Took resistance at 20 & Sup at 14. Above 20 – other Resistances are 22 & 25.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.