Pre-Open Daily Tech view of Nifty spot for 08-12-2022
New Update
BY A STAFF REPORTER
Yesterday Nifty corrected 82 points and formed a bearish candlestick pattern on the daily charts. Nifty initially failed to sustain above crucial level 18666 & slipped. Intraday basis low printed at 18528 & closed at 18560.
This was the 4th consecutive lower bottom formation & selling pressure technically extended below 5 & 9 SDMA bearish cross point 18666 amid slightly hawkish tone by the RBI in its December policy meeting. The central bank raised the repo rate by 35 bps to 6.25 percent and lowered the full-year growth forecast.
Though very short term basis trend is negative indicating slight nervousness which started from all time top 18888, more than 300 points corrected against previous almost 800 points rally but main trend is up & 18500-18450 should hold - chances of bounce back possible.
Fresh negativity only below 18400 closing basis. In case it breaches then the market could test another lower base of around 18300 & 18133 levels, while on the upside immediate resistance is placed at 18666 - 18728 levels.
Today weekly Expiry, volatility may be there. Intraday Trading Levels as on closing 18560 :- Resistances :- 18599—18651//18666—18682/728. Supports :- 18530—18490//18460—18430.
As per Option data range is 18400-18800, which shifted lower from 18500-19000, in the immediate term.
India VIX was up by 0.24% from 14.04 to 14.08 but still in bulls comfort zone.
/ )
/anm-english/media/post_banners/IahP1byvBFJKuNccq2bv.jpg)
/anm-english/media/agency_attachments/AtBG5e3MoE629QYzhZen.png)