Pre-Open Daily Tech view of Nifty Spot for 28-12-2022

Pre-Open Daily Tech view of Nifty Spot for 28-12-2022

Yesterday Nifty rose 118 points to 18132 and formed a bullish candle on the daily charts with a long lower shadow. This was the northward journey for the second straight session that indicates pull back rally may continue but may face hurdle near 18150-18230<50dma>range.

Nifty opened higher at 18090 and corrected up to 17967, but after an initial hour of up and down, the index gained momentum and climbed up to 18149. It finally settled with 118 points gains at 18132 ahead of the monthly F&O expiry scheduled for coming Thursday.

As on swing basis :-

On the Upside any sustainable move above 18150-18230 levels is likely to pull Nifty towards the next overhead resistance of 18333--18444 levels in the near term.

On the down side immediate support for Nifty is placed at the 17960 level. Below 17960 further weakness & then 17850 <100DSMA> may act as life line.

For Intraday basis :-

Intraday traders can use 1st 15 mins high and low to trade for the day.

Bulls will wait for 18188-18231/18258 & 18285 till holding 18080.

Bears will get active below 18060 for a move towards 18033 -18000 & 17960.

Option data indicated the expected trading range has been shifted higher to 17800-18300 levels, from 17800-18200 levels earlier.

India VIX was down further, by 4.03% from 15.93 to 15.29 levels, favourable for bulls..*

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