Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 27-12-2022

BY A STAFF REPORTER 

Yesterday Nifty surged 208 points or 1.17 % & finally settled at 18015. As per Daily chart it formed a strong bullish reversal candle, taking support at 17800-17850 levels <100DSMA> amid Short covering and value buying. After 4 days consecutive long bearish candle formation from 18474 to 17774 Nifty rebounded sharply & closed above the psychological 18000 mark.

On the Downside after such deep down fall recovery was highly expected as a short-covering bounce from crucial support area 17777 to 17840 <100DSMA> mark where RSI (relative strength index) moved closer to oversold levels <32> and the Put/Call ratio was 0.60.

Now On the Upside after crossing 17920 & specially above 18000 & 18100 -- 18200+ (50 days simple moving average) is likely to be key for the further northward journey. RSI climbed over the 40 level, from around the 32 level seen on last Friday, indicating positive momentum.

Though Santa brings Xmas cheer on 26th Dec but Technically, 18088- 18133, and 18200 are multiple hurdles on an immediate basis. Nifty has to cross its 50-DMA of 18200 to gain any meaningful strength, while below 17950/900 - 17840/50 will act as immediate support.

R : 18050-18084-18110—18200 S: 17960-17878-17847—17774.

As per option data, in coming sessions , Nifty could be in the range in between 17800-18300 levels.

India VIX fell 1.4% to the 15.93 level, giving some comfort to the bulls.

Yesterday Bank Nifty played a vital role surged 962 points or 2.3 percent to 42630.
It formed a long bullish candle which resembles a bullish engulfing kind of candlestick pattern on the daily charts. Low 41570 & High 42846.

Bank Nifty's downside support now stands at 42222 <50dsma>-42000. The next hurdle on the upside is expected at 43000.

R: 42850-43025-43128—43333 & S: 42550-42350—42222-41935.

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Source : Eureka

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