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Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 15-12-2022
The Dow closed lower Wednesday, but swung wildly between gains and losses as the Federal Reserve moved to a slower pace of rate hikes, but also signaled rates to peak at higher levels than previously expected that means signals more hikes next year. Asia markets fall after Fed raises rates by 50 basis points.
Yesterday Small Doji pattern on the daily charts in Nifty spot ahead of Fed outcome, closed at 18660 up by 52 points, indicating indecisiveness among bulls and bears amid caution about future market trends though made higher highs higher lows for second straight day & Momentum indicator RSI is moving upward and sustained above 60 levels, indicates the bullish strength.
As per price structure and indicators, Nifty’s coming range is mainly in between 18900 and 18300 levels.
Decisive move possible on the upside if stays above 18700 then expected Resistance are 18738/18780 & major 18825 -18888.
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On the down side supports are 18633/606. Should not break 2 life line supports 18570/526. The trend remains positive as long as it holds above 18500 otherwise may correct upto 18400.
The Nifty Midcap 100 and Smallcap 100 indices remained in an uptrend, rising 0.6 percent and 0.7 percent respectively, while the volatility index India VIX closed largely flat at 12.89 levels.
*Yesterday Bank Nifty*also session started with all time highest opening for the first time in history above 44000 at 44078 maintaining a small Gap in between 43984-988. The index closed at 44049 up by 102 points day to day basis and formed Doji kind of pattern on the daily charts, but making higher highs higher lows for yet another session.
To continue the momentum on the upside it should sustain above 43800 & major 43500 level so that the rally may move towards 44500-45000 on the upside.
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