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Pre-Open Daily Tech view of Nifty Spot for 01-12-2022
Yesterday Nifty maintained it’s uptrend taking support initially around 18616 <3DSMA>, specially jumped mainly in last half an hour climbed up to 18816 & finally settled at 18758. Fresh record closing high ahead of the weekly expiry supported by consistent buying interest from FIIs and positive global cues.
Day to day basis surged 140 points & formed a bullish candle on the daily charts with higher highs formation for the sixth straight session.
Though Nifty after crossing previous all time peak 18600 now made a top around 18800 but still there
is no indication of any reversal pattern. RSI now at 73.66 after crossing vital line 70.
On the down side immediate support below 18740 –18700—18666 & 18616. Major 5DSMA support 18582 & that should hold to maintain the uptrend. Therefore, 18700-18600 is the short-term base.
On the upside immediate resistance above 18820 – 18866 –18896 & 18943. Major 19000.
Option data indicates that Nifty will trade in the 18500-19000 range in the coming session.
India VIX, rose by 1.41% to 13.81 levels.
Pre-Open Daily Tech view of Bank Nifty Spot for 01-12-2022
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Yesterday Bank Nifty started the session with positive note at 43123 but failed to hold crucial 3-5 mov cluster point 43070 & slipped upto 42880 amid volatility. But taking support ahead of 9 dma 42800 further bounced & crossed 43100 mark and showing strength in late trade & finally printed the day’s high at 43332 & closed at 43231. Day to day basis gained 178 points and formed a bullish candle on the daily charts.
Maintaining bullish undertone Bank Nifty currently lying in a range in between 43340 to 42800 & traders should keep a buy-on-dip approach as long as it maintains the support of 42800 on the downside.
Strength will resume after crossing 43340/370 on the upside to move towards 43500/43650 etc. in uncharted territory.
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