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Weekly & Extended Tech view of Nifty Spot as on cl 18.11.2021

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Aniruddha Chakraborty
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Weekly & Extended Tech view of Nifty Spot as on cl 18.11.2021

By a Staff Reporter:  Nifty Spot last closing at 17765.

 Weekly High 18210 & Weekly Low 17688. Weekly Pivot hurdle = 17888.


So weekly basis High & low difference -522 points negative.


Closing basis W to W down – 377 points & D to D basis < last day> -133 points.


Truncated 4 days volatile week’s trend was completely down-lower top lower bottom formation.


Chart pattern is not good, so for fresh buying more confirmation is required. Be cautious & light.


Tech Summary :-
Technically closing at Neck Line support of current Head & Shoulder formation, but band lower edge support at 17600 to 17550 down side whipsaw area. Fresh negativity only below that.
Current Trading Range 17850/900 < upside > to 17600/550 with pivot 17777.
Swing basis main strength above 18000.

On the down side :-
•    Initial support at 17700/675.
•    For next lower side journey 1st criteria to stay below 17675-650.
•    If breaches 17675/50 decisively then only next supports are :- 17610 & 17587*.
              Swing based major Support 17545. Should hold this stoppage.
•    Short Term Swing based break down only below that & then Major 17450 & 17350.
•    Medium term positional basis Bears aim to test 17285—17140 as an extreme case.
17140 is as per weekly chart 20Wmov.

On the upside :-
•    Initial barrier at 17800/17821. For next move 1st criteria to cross that.
•    If crosses then next barriers are 17850 <50DMA>, above that *17888/17910 & 17945
•    Swing based cautious hurdle 17970—18000 < running 20 dma >
•    Short Term Swing based break out only above that & then Major 18080/130 & 18230.
•    Medium term positional basis bulls aim to test 18400 - 18600 & 18900 as an extreme case.
Source : Eureka

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