Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 13-12-2022

Yesterday Nifty ended on a flat note up by 0.60 points at 18497 amid volatility as investors remained cautious ahead of key inflation data points and the outcome of the FOMC meeting this week.

Initially 100 Points lower opening at 18402 and corrected up to 18346.As expectation took support from 30EMA support area, printed day’s low & bounced back immediately. Then climbed up to 18521 in the morning session itself & then the rest of the session, the index remained volatile and finally closed flat at 18497. Nifty formed a bullish candle after taking support at 18350 & closed above 21EMA i.e at 18460.

The index needs to hold those support levels in coming sessions, which can help it gradually move towards 18555 - 18600- 18666 & upto 18700 mark. Overall, the consolidative nature of the market is expected to continue in between 18300/18100 to 18700/18800. More clarity will emerge post the US Fed meeting, which would determine the trend in the near term.

The momentum indicator RSI moved flattish and sustained at 55 levels which indicates that the index has directionless momentum, for the time being .

Option data also indicated that the trading range for the Nifty in the near term may be 18000 to 18600-18700 levels. India VIX, fell by 1.2% to 13.32 levels.

Yesterday Bank Nifty also opened lower at 43456 and hit an intraday low of 43379 then recouped the losses in the initial hour itself and remained range bound within 100 points in the rest of the session. The index closed with 75 points gains at 43709 and formed a bullish candle on the daily charts.

The undertone remains bullish within the main range 43000 to 44000 and one should keep a bullish focus on-dip approach with immediate support seen at 43300 level. More strength above 43850.

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Source : Eureka

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