Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 14-12-2022

​Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 14-12-2022

Yesterday Nifty closed above 18600 exactly at 18608, up by 111 points & day to day basis formed a bullish candle, higher bottom formation after 7 days consecutive negative momentum which indicated a comeback of bulls after a small downward correction.

The fall in CPI inflation for November to an 11-month low and positive global cues lifted sentiment. Traders eyes on today’s night FED decision.

Day before yesterday Nifty bulls defended themselves from expected life line support i.e. 30DEMA 18333 & then in 2 days reversal mode crossed crucial hurdles 18450 <21DEMA>—18555 <5DSMA> & now facing the barrier around 18650/60 area. Any sustainable move above the hurdle of 18666 is expected to be an upside breakout of the crucial overhead resistances 18700 & 18780, and then the said upside breakout is likely to open doors to test the record high of 18888 in the near term, with an immediate support at 18500/450 level. A fresh selloff is possible if the index slips below 18450/400 further.

The options data indicated that the Nifty may trade in the 18400-18750 range in the coming sessions.