Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 21-12-2022

Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 21-12-2022

Yesterday Nifty spot started the session with weak opening @ 18340 and in 1st leg of the session corrected upto 18203.But taking support from 18200 showed a smart recovery in the later part of the day. Specially after 2:30 pm fresh break out above 18300 Nifty moved up to 18405 and finally settled at 18385.

Though Day to Day basis 35 points lower closing but formed a bullish candle as (Cl>Op)& which was bullish Hammer Type that resembled positivity & expectation of chances of further upmove towards 18550(20DSMA)/18600 subject to cross 18450 crucial for upward journey with support at the 18200 zone.

On the flip side immediate basis supports are :- Below 18340 -18288-18244. If Nifty trades below 18200 may increase further weakness up to 18130 -18050.

Option data indicated that the expected trading range of the Nifty could be 18200-18500 strike in the near term.

India VIX increased by 1.67% to 13.78 level, from 13.55 level.

Bank Nifty Spot opened lower @43152 and fell further to hit an intraday low of 42955. Then rest of the session complete recovery specially in last leg after crossing 43200, touched a day's high of 43426 but failed to surpass the previous day's high & finally settled at 43360. Day to Day basis down -54 points but candle pattern bullish as Cl >OP.

Bank Nifty’s low 42955 i.e. exactly 30DSMA support & closed just above 20DSMA @43325. Front hurdles are 43520-43610 & major 43800/950.

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