07/11/2021
Nifty Spot ( 17917):
Outlook: Technically price is placed between two important moving averages of 20-DMA & 50-DMA with the immediate chart pattern on daily chart being range-bound/ neutral in the range of (17700-18050). The weekly & Monthly chart set-up are strong as of now.
Now during the week if price moves higher above 18068 and sustains on hourly closing basis, we can expect further demand side momentum and the immediate trend would likely to reverse to positive mode. If the demand momentum is sustained we can expect spot nifty to move higher towards 18300, with intermediate resistance zone placed around (18185-18202).
On the contrary, if price fails to sustain higher above 18000 level and drifts lower below its' 50-DMA placed at around 16673 mark, on hourly basis, fresh supply side momentum likely to be seen. On the event of price closing below 17670 mark on daily closing basis, we can expect further selling to continue, which likely to drag prices lower towards (17430-17290) depending upon the strength of supply.
