Pre-Open Daily Tech view of Nifty Spot for 02-12-2022

BY A STAFF REPORTER: Yesterday on December 1 (the weekly expiry day) Nifty closed above 18800 for the first time amid positive global cues and encouraging economic data.

Session started with higher opening at 18872 & immediate basis new all time high printed at 18888.

Then some profit booking due to temporary overbought positions, low made at 18778 and finally settled at a record closing high of 18812, Day to day basis up 54 points.



Though technically, formed a bearish candle on the daily charts at top as the closing was lower than opening levels but the short-term uptrend remains intact and still there is no indication of any higher top reversal pattern. The higher highs continued for the seventh day in a row and momentum indicators are maintaining their upward journey. RSI above 70 currently at 74.16.



On the upside Bulls aim to test 19000 above 18888 & Intraday hurdle 18935.



On the downside 2 main life line supports are 18730 <3dma> & 18650 <5dma>. Minimum correction possible upto that. Fresh negativity only below that as on closing basis.



As per Option data main range is placed at https://img-cdn.thepublive.com/fit-in/580x348/filters:format(webp)/"i0jNr selectable-text copyable-text" style="font-size: 14.2px;">19000-18500 in coming sessions.



India VIX fell by 3.24% to 13.36 levels, giving more comfort to the bulls.



Pre-Open Daily Tech view of Bank Nifty Spot for 02-12-2022



Yesterday Bank Nifty opened Higher above 43500, the crucial resistance area, with nearly 300 points gains and hit a record high of 43515. Low printed at 43101 and finally settled with just 30 points gains at 43261. It has formed a bearish candle Cl



To maintain the up move it must cross the level of 43500/550 on the upside on a closing basis & as the undertone is still bullish one should keep a buy-on-dip approach with strong support at https://img-cdn.thepublive.com/fit-in/580x348/filters:format(webp)/"i0jNr selectable-text copyable-text" style="font-size: 14.2px;">43000-42800 zone.



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