Pre-Open daily Tech view of Nifty Spot for 28-11-2022

On the first day of the December series Nifty closed at new High above 18500 at 18513. Day to day basis jumped 29 points, slight muted momentum on Friday after previous day’s huge surging. It formed a Doji pattern on the daily charts, indicating indecisiveness though Week to week basis gained 200 points and printed a strong bullish engulfing candle with making higher highs for sixth consecutive week.

Last week confidence gathered specially after FOMC minutes which raised hopes for slower pace of rate hikes in upcoming meetings. Besides that other supportive factors are lower Oil Price, healthy FII figures with the fall in US dollar index, and bond yields.

 Coming this week chances to hit its intraday record high of 18604 with focus on monthly auto sales numbers and second quarter GDP data on the domestic front, and global cues.

For the first time in its history Nifty closed above 18500 but technically even after such higher position still indicators RSI <67> and MACD are in positive mood though 18600+/-may be a cautious hurdle for very short term basis as it is the all time peak. Break out basis Bulls aim to test 18880/19000 mark on the upside subject to hold 18200/18100 on the down side.

Intraday basis:-

Resistances are :- 18550—18587/613 & 18640 & Supports are :- 18460—18433/407—18370.

India VIX cooled down considerably in Nov. series from 17 to almost 13 < year low> & in last week VIX fell by 7.37% to 13.33 levels, giving more comfort for bulls.

For Opening DP and Trading Account online, please visit

https://kyc.eurekasecurities.net/home/index/729

#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #Buyback #IPO #mutualfundinvestments

#SIP #investment #mutualfunds #mutualfundinvesting #sharemarket #stockmarket #investing #mutualfundsindia #equity #debt #hybrid #money #growth #wealth #trading #finance #investor #savings #wealth

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.