Pre-Open Daily Tech view of Nifty Spot for 06-12-2022

Ahead of MPC meeting scheduled on 7th Dec traders are cautious & maintained a range bound volatile sessions. Nifty yesterday closed at 18701, gained only 5 points and formed a Doji sort of candle on the daily charts, indicating indecisiveness.

As expectation consolidation likely to continue defending support 18600 and moved in a 100-point range through the day. The broader market also continued to trade higher for the fourth consecutive session.

As per Nifty Spot concern, On the down side 18600 = 9DSMA support .

18500 = 50% retracement of recent 750 points gain & crucial support around 18400 i.e. 20DSMA.

In case correction occurs maximum only upto any one of these. Should not break 18500 & as extreme case 18400. There is no such major cause of concern , expectation of consolidation & range bound move & bulls hope that expectation to move towards the 19000 mark once the RBI meeting is over though very short term direction not so clear – slight bearish in nature – profit taking, corrective mode from all time peak 18887.

On the upside 3-5 DSMA juncture hurdle in between 18740-780 range. Fresh positivity will resume if only able to cross & stays above that range. Above 18800 it can re-test further 18850-18888 mark & then new peak.

Therefore strategy should be focus at support & takes opportunity on dips.

The options data indicates that the Nifty may trade in the 18,500-19,000 range in the near term.

India VIX though still lying in Bulls comfort area but on Monday increased 2.1% to 13.73 levels from 13.45.

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Source : Eureka

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