Pre-Open Tech View of Nifty Spot for 03.11.2021

By a staff reporter: 

As a continuation of Monday’s up move though yesterday Nifty opened higher at 17970 & printed High at 18012 but that initial gain failed to sustain above 18000 mark and then through out the day gave a range bound move with negative bias in between 17950 to 17850 and finally settled at 17888, intraday basis down by -40 points or -0.23%. Nifty formed a bearish candle on the daily charts as the closing was lower than opening levels.

Ahead of the FED Meet, traders and investors are cautiously awaiting for Federal Reserve meeting conclusion.

Technically, Pull back rising halt in front of the barriers 9 dma 18030, 20dma 18050 & 18070 i.e. 62% retracement hurdle of last 3 days correction from 18342 to 17613. These will be acted as immediate resistances for today.

Nifty current range is 18070 to 17770. In this truncated week Nifty may consolidate in between this range. Beyond that range we may get the range break out trending direction.

On the upside :-

Aim to cross 18050/18070 mark & if Nifty Bulls able to do decisively then further upside from here is likely to negate the current short term negative trend pattern. Then next Resistances are :- 18150—18250 & extended basis 18330.

On the upside cautious hurdle 18330-18430.Only beyond that Fresh new high possible.

On the downside:-

Below 17850/820 Support shifted higher to 17777/750 and extended basis very major at 17666/621. If breaches 17600 mark then only swing basis in more Bear grip. .

As long as Nifty holds 50 DMA 17600 <+/-50> on a closing basis, it is safe to assume that the trend continues to remain on the upside.

The Option Table data indicates decent support at 17800/700 and reasonable resistance at 18000/100. Current Battle point is 17900.

India VIX almost flat with narrow range, intraday basis down -1% & closed at 17.06.

Support 14 & Resistance 20.

Source : Eureka

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