Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 20-12-2022

Yesterday Nifty moved up 151 points snapping 2 days losing streak and recovering all previous day's losses to 18420 and formed a bullish candle on the daily charts after the Shooting Star candle formed on Friday's session amid short-covering.

Though recovered but still not only failed to cross Friday’s high & 30DSMA that was 18450 but also maintained its lower top lower bottom formation which indicated existence of bearish undertone & lack of momentum for very short term basis. RSI also at mid around 50 levels.

Nifty opened at 18288 & after taking support near 18250 moved up higher, crossed intraday barriers 18320 & major 18388. Day’s high made at 18431 & closed at almost top 18420.

Therefore, on the down side Nifty took support near 18320 - 18288 & major key support at 18250.

As long as Nifty holds these, specially 18300, a pullback rally is possible and can move to 18541 <20DSMA> to 18575. Immediate intraday basis coming hurdles are :- 18451 -18476.

Below 18300/250, more bearish and the index can slip to 18133 -18080.

The options data indicates that the Nifty can trade in the 18200- 18600 range in the near term.

India VIX was down by 3.67% from 14.07 to 13.55.

Yesterday Bank Nifty opened higher at 43346 taking support near 43110. Day’s high made at 43451 & closed at 43413. The Index closed 194 points higher forming a small-bodied bullish candle on the daily charts.

Technically it has to hold above 43250 level to make an up move towards 43500/600 - 43750 and then only extended basis further 44000. Major support 43100 & 42900.

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Source : Eureka

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