*Pre-Open Tech view of Nifty Spot for 12.01.2022*

BY A STAFF REPORTER

Yesterday Nifty gave a third consecutive move & advanced almost 400 points from 17700 to almost 18100. D to D basis climbed 52 points, settled at 18056. Day’s High 18081. Low 17964.

Nifty formed a small body bullish candle on the daily charts. Nifty printed highest daily close of the last 40 sessions.

3 Mega IT Players TCS, Infosys & Wipro results will come today. The total weightage of these 3 is around 16% of Index. 

*On the Upside*:-

As per last closing 18055 –bulls should hold 17964/950.

As long as holds chances of upside possible & that towards initially 18103 to 18150. 

Very major crucial barriers are at 18199-18220. At a stretch crossing the barrier range 18199-18220 is difficult, though Bulls aim to touch 18300 even 18400. 

*On the down side*:- 

Immediate basis 1st support at 18033/17986 & 17950. If breaches then 17917 <5dma>.

& then 17850. In case break down then swing basis major support at 17800/17770.

Actually Current support shifts higher to 17950 from 17850.

*Remarks*:- Traders should hold their plus position subject to maintain 17850 immediate basis & swing basis 17770 level with an expectation of 18200 & above.  

*The Option Table data* indicates decent support at 17900 and reasonable resistance at 18200.

Source : Eureka

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