Pre-Open Daily Tech view of Nifty Spot for 29-11-2022
New Update
BY A STAFF REPORTER
Yesterday Nifty has made a new all time Record high after 13 months.
Nifty’s Journey from High to New High :- Oct’21 – 18604 (1st all time High) then 16410 ( Low ) then Jan’22 – 18321 (next lower High) then 15671 (lower Low) then April’22 – 18114 (next lower High) then 15183 (next lower low) then Sep’22 – 18091 ( another lower High) & then 16747 (higher low) then Nov’28 (Yesterday) – 18614 ( Fresh All time New High ) --- & then ???
*Now Bulls need a close above 18640 important level else we can revisit the swing low 18365 that was printed yesterday also. *
Week started with initially lower opening at 18430 & then instant low marked at 18365 which is technically crucial support area but then immediate basis bounced back. Strength gathered after staying above 18535 & then continuous up throughout the session and printed all time new record high 18614 around 2.00 pm. Then failed to stay above 18600, mild corrected upto 18547 & closed at 18562.75. Day to day basis up +50 points or 0.25%, formation bullish engulfing , closing greater than Opening. This is the 5th consecutive basis higher top formation.
As per moving averages 18400-350 range is the very short term basis support area & as extreme 18250-200 is the short term basis. To maintain the up trend these should hold & Nifty will likely move towards 18700 and higher in the coming sessions. Momentum indicators like MACD and RSI also suggested an uptrend on the daily as well as the weekly charts.
On the down side :- Below 18535 important support 18504-18485. Any break down below that then other supports are 18430—18390 & Swing basis major 18365-317.
On the Upside :- Resistance at 18600 & if crosses then next resistances are 18640—18688 & major 18735. Swing based hurdles are 18772—18839.
Options data indicated that the index is likely to trade in the 18300-18800 range in the immediate term.
India VIX was up by 1.74% to 13.57 levels, which continues to support the market.
Pre-Open Daily Tech view of Bank Nifty Spot for 29-11-2022 Yesterday lower opening at 42757, took crucial life line support 42700 & then moved higher to hit the day's high of 43160. It moved in a consolidative manner in the second half and closed 36 points higher at 43020. Though it formed a bullish candle on the daily frame but negated its higher highs-higher lows formation of the last four sessions.
The index has to hold above 42750 & specially above 42850 to make an up move towards 43160/43250 and 43339/400 levels, with supports at 42700 and 42500 levels.
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