Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 02-01-2023

Wishing you all a Very Happy and Prosperous New Year.

Last week after a smart recovery nearly 400 pts in 1st 4 consecutive days but on last trading day Nifty lost half a percent of that earlier gains & declined Day to Day basis 86 points to 18105.

Volatility and Range bound trade is expected to continue in the first week of 2023 also, with focus on FOMC minutes, monthly auto sales and macroeconomic data.

Nifty Bulls again failed to close above 50 DSMA 18265. On Friday Nifty slipped from that level (18265) & corrected upto 18080, that is 5/9 DSMA bullish juncture support area. It formed a bearish candle resembling a Dark Cloud Cover on the daily charts, indicating more weakness going ahead but more confirmation is required for further downtrend mainly below 18000 mark closing basis & primary basis if sustains below Friday's low 18080.

For today First 15 mins HIgh and Low will guide for the day.

On the down side :-

Negativity as long as stays below 18160/18130 then intraday basis 1st support 18080/066. If holds then ok chances of bouncing or otherwise if breaches then 18035 & major 17993.

Very Major 17965. Swing basis Next supports are 17915-17888—17848 & 17796.

On the Upside :-

Strength if stays above 18160/182 then Intraday basis Resistances are 18206 -18236. Major 18277.

Swing basis expected hurdles are 18300/350—18392—18444 & 18528.

RSI currently 44.Current support 41/40, should hold that.

Option Data shows the range Widely basis 17800—18300 & immediate basis 18100-18300.

MAX Pain is at 18200. India VIX @14.87.

Last day of the year Bank Nifty ended it’s significant session @ 42986. D to D basis -266 points. This was the 1st day –ve candle after 4 consecutive +ve sessions.

On the down side :- Negativity as long as stays below 43080 then 1st support 42900 & then 42800 to major 42666. Very Major 42500.

On the Upside :- Strength if stays above 43170 <20dsma> & then 43280—43400. Major 43500.

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Source : Eureka

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