Pre-Open Daily Tech view of Nifty Spot for 03-01-2023

Yesterday Nifty jumped 92 points to 18198 and formed a reasonable positive candle on the daily charts resembles an Inside Bar kind of pattern which has placed beside the long negative candle of Friday, indicating the minor strength of bulls to come back from the lows. Fed minutes in focus.

Nifty Ready for Big Move. Above 18277 levels could negate the bearish pattern of Dark Cloud Cover formed last Friday.

Nifty has been consolidating in the 250-point range for the last five straight sessions, taking strong support at 18000-18100 zone and on the upper side, it has a strong hurdle at 18250-275 level. Hence, unless and until it decisively breaks 18000, a major correction is unlikely, whereas the crossing of 18275 may drive the Nifty towards 18400 area.

On the Upside :- Intraday basis Positivity above 18233 then immediate Resistance is 18277 <50DSMA> & above that Major 18300/320 <20DSMA>. If breaches & stays above that then only swing basis strong hurdles are 18375—18430 & even 18510.

On the down side :- Intraday basis immediate support at 18166 & if breaches that then next support at 18118 & that should hold. Otherwise Major supports are 18066/037. Break down basis swing supports are 17965—17925—17885 <100DSMA>.

Current RSI as per daily chart is 48.

Option Data indicates immediate trading range is 18300—18100 & the wide trading range for the Nifty could be 18400-18000 levels. Max Pain :- 18200.

India VIX was down by 1.22% from 14.87 to 14.69 levels, giving further comfort to bulls.

Pre-Open Daily Tech view of Bank Nifty Spot for 03-01-2023

Yesterday Bank Nifty closed at 43203 up by Day to day basis +217 points. It formed a bullish candle and an inside bar on the daily scale.

It has to hold above the 43250 level to make an up move towards 43500 and 43750 levels roughly, whereas on the downside, the support is placed at 43000 and 42750 levels.

Intraday basis On the Upside Resistances are :- 43333—43403—43603—43750.

On the downside Supports are :- 43050—42982—42750 & major 42560.

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Source : Eureka

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