Pre-Open Daily Tech view of Nifty spot for 24-11-2022

​Pre-Open Daily Tech view of Nifty spot for 24-11-2022

Yesterday Nifty rose 23 points to 18267 and formed Bearish Opening Marubozu / a Bearish Belt Hold pattern on the daily charts ahead of FOMC minutes release & Nov expiry. It was a volatile and range bound session that indicates selling pressure at higher levels but Indicator RSI currently 60 indicates bullish undertone. After correction from 18450 this was a northward journey for the second consecutive session taking support from 18140 <20dma >. Nifty formed a red candle as Cl << Op.

After higher opening at 18325 Nifty failed to sustained above 18300 <9dma = 18311> – initially slipped from there corrected upto 18251 & then through out the day narrow range bound move inbetween 18260-18280 & in last leg of the session further bounced but this time also up move fizzled out from lower top 18312 & then in last half an hour vertical correction – slight lower bottom upto 18246 & finally closed at 18267 that is just above 5DMA 18261.

On the upside initial resistance 18312/325. Fresh move above that & then 18359 -18392 & major 18415.

On the down side if breaks 18240 then 1st important support at 18200. Major support 18170—18140 <20dma>. Major 18058.

Options data indicates that the Nifty may trade in the 18100-18400 range in the coming sessions.

India VIX rose 1.44 percent to 14.04 levels.

Pre-Open Daily Tech view of Bank Nifty spot for 24-11-2022

Bank Nifty Spot cl @ 42729 - Op 42668 - High 42860 - Low 42556

Bank Nifty outperformed, initially 200 points higher opening at 42668 and then after range bound move printed a new high 42860 but failed to hold there & still ended record highest closing at 42729, day to day basis up 272 points and formed almost a Doji type candle on the daily frame with higher highs-higher lows formation for last 2 sessions.

Bank Nifty should hold 42500 mark, then it can make an up move towards 43000 and 43250 levels, otherwise supports at 42350 and 42200 levels.

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Source : Eureka

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