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

Nifty Spot closed just below 18500 at 18496. Day to Day basis down 113 points. Selling pressure mainly due to correction in technology, metal, and PSU bank stocks.

On Friday though market started on a positive note near at a resistance area 9DMA 18666 but initially after breaching 5DSMA 18600 not only erased early gains but also turned negative and extended the losses as the day progressed. After breaching crucial level 18500 printed day’s low at 18410. However, last-hour buying helped to trim the losses partly . Finally it formed a big bearish Engulfing candle as per Daily chart indicating further weakness in the market.

Technically on the down side immediate support is 18440 <21 Days Exponential Moving Average>.

If it breaches decisively further then only sell off is possible till 18300 maximum for this phase of correction. Supports are 18410 – 18385 & 18337 <30 Days Exponential Moving Average>. Otherwise intraday basis 18440/400 should act as support area.

On the Up side if bulls able to cross main immediate resistance 18550/585 then may retest further 18624//18666 mark. Short term basis fresh bullish move will resume only above 18666 then cautious hurdles are 18721 – 18777.

As per Option Data the broad range would be also 18300-18900 in coming sessions.

India VIX W to W basis almost flat closing at 13.48 levels, up 0.03 points & daily basis 0.08 points. It remained in the range of 12-15 levels for almost a month now. Hence, the bulls still seem to be at a comfortable position. Major resistance 15.30—16.55.

For Opening DP and Trading Account online, please visit

https://kyc.eurekasecurities.net/home/index/729

#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #Buyback #IPO #mutualfundinvestments

#SIP #investment #mutualfunds #mutualfundinvesting #sharemarket #stockmarket #investing #mutualfundsindia #equity #debt #hybrid #money #growth #wealth #trading #finance #investor #savings #wealth

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.