Pre-Open Tech Ideas of Bank Nifty Spot_23.05.22

23/05/2022 07:58:12 AM   Aniket         871

Last Friday like Nifty, Bank Nifty also gave a wild recovery with Gap up opening at 33765 & day’s low was 33658. Strength developed after crossing 5-9 mov bullish cross point 33900 & more above psychological area 34000/34100. Bulls able to filled up the previous session’s huge bearish Gap & extended upto trend line hurdle 34350. Bank Nifty settled at 34276, D to D basis up 960 points. Formed a strong bullish engulfing candle.

Technically speaking, On the upside :-It has to hold above 34000 and more specifically 33900 zones to extend this move towards 34500 and 34650/750 zones. Major barrier & difficult to cross 34800-34900[20dma].

On the downside:- Below 34000 support exists at 33900/800 range & very major 33666 to 33500.

Break down below further negative.

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Source : Eureka

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