Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 19-12-2022

Daily basis shed 145 points or -0.79%. Daily basis this was the 2nd straight lower top lower bottom formation after Wednesday’s Doji Candle formation & top made @ 18696. Failing to cross 18700 mark slipped from there & in 2 days erased the total this week early gains from 18345 to 18696.

Nifty has fallen for 3 days in a row and 441 points in total, price has closed below 20 DMA <18533> & 30 DMA <18441>. Trade cautiously as next week we will see at least 500 points move in Nifty that means range may be in between 18500-18000 mark.

On the down side cautious hurdles are in between 18400/500 area & strong support for further bouncing near around 18100/18000 range.

Till Nifty is below 18370-400 on closing basis  Bears will have upper hand.

Intraday Trading ideas

Positive above 18326 then Resistances are 18348, 18370 and 18397. Major 18441

Negative below 18243 then supports are 18211, 18167 and 18133. Major 18096.

As per Option data expected range shifted lower to 18100-18500 for the near term.

India VIX on Friday closed @14.07. D to D basis up 2.46%, gained from 13.73. This was the 2nd day rise from year low 11.43.

Bank Nifty has fallen for 3 days in a row and 1072 points in total, price has just stopped at 20 DMA, trade cautiously as next week we will see at least 1000 points move in Bank Nifty.

Till Bank Nifty is below 43537 on closing basis Bears will have upper hand.

MAX Pain is at 43000.

Intraday Trading Levels

Positive above 43260 then Resistances are 43385, 43518 and 43820

Negative below 43080 then supports are 42975, 42781 and 42666

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Source : Eureka

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