Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 04-01-2023

Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 04-01-2023

Yesterday Nifty opened slightly lower @ 18163 & then throughout the day maintaining a volatile session mainly in between 18250 to 18160 range , finally closed at @ 18232, vary close of the day’s high 18252~. Almost Flat closing, up by just 35 points (0.19%). It formed a small bodied bullish candle with higher top higher bottom formation. Traders eyes on FED decisions.

On the Down side :-

Day’s low 18150 & 5DSMA @18170. Major 9 DSMA life line support at 18100. Bullish move will sustain as long as it maintains above 18150 & maximum 18080.

Immediate basis Fresh negativity only below 18080 then break down supports are 18037—17965.

Short term basis if the Nifty breaches below the 17965 level then the positive view will be negated.

100DSMA = 17885.

On the upside:-

Major Resistances are 18287/303 <50 & 20DSMA hurdles > . If breaches & sustains above that then swing based expected major hurdles 18380/430.

7 Days consecutive basis higher bottom with the range in between 18100 & 18300, indicating positive consolidation. Beyond that trending move is expected either side. Upside = 18400/500 & Downside 18000/17900.

RSI is currently 49.13. Front Resistance as per RSI’s concern is 50.

Max Pain is @18200.

PCR is 0.96

As per Option Data Overall the trading range is expected to remain at 18000-18500 levels for coming sessions.

VIX @ 14.35. Day to day basis -0.33 pts or -2.25%. 14 is the very crucial area & if breaches 14 then more downside & be more favourable for bulls.

Bank Nifty Spot after opening in negative terrain at 43151, High printed at 43483 in the afternoon and finally settled with 222 points gains at 43425. Overall it remained above 43000 mark throughout the session and formed a bullish candle on the daily charts with higher high higher low formation.

5DSMA = 43144 & 20DSMA = 43171.

Fresh up move above 43500/600 then 43700-43900 & 44000.

Below 43150 Major support at 43000. If breaches then 42800-42600.

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