Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 05-01-2023
New Update
BY A STAFF REPORTER
Fed meeting minutes signal more rate hikes ahead but investors digest Fed minutes, look ahead to labour data.
Yesterday High made was 18243 so bulls failed to cross crucial 18275-290 barrier <20-50DSMA bearish juncture zone> and Nifty through out the session corrected heavily. Nifty finally settled at 18042. Down by almost -190 points or -1.04% day to day basis. Chartically it formed a strong bearish engulfing candle. Day’s low was printed at 18020.
Nifty has taken support at the crucial 18000 mark. If the index manages to hold on to 18000 mark in the coming session then there is a possibility of a rebound. But breaking the mark can weaken the mood further.
Intraday basis we can see sharp reversal if we close above 9:30 High. First 15 mins High and Low will guide for Intraday.
On the down side :- If any bouncing fizzle out at or near 1st resistance area 18100-18155 mark & then further breaches crucial 18000 mark then lower ends targets are 17967--17931. Major 17900-17847.
On the flip side :- Bulls will get active above 18075/18100 & specially above 18155 <5DSMA> for a move towards 18200/240.
MAX Pain is at 18100 PCR at 0.55 - Current RSI 42.
As per Option data immediate range is 18200—18000 & extended range is 18500—17800.
Expected Upper Edge of Expiry : 18200 & Expected Lower edge of Expiry : 17900.
India VIX jumped 5.6 percent to 15.2 level, giving more comfort for bears.
Bank Nifty Spot yesterday after flat opening at 43417 not only failed to hold above the 43500 level but also broke crucial level 43150/43000 to close with losses of around 466 points at 42959. Day’s low 42858.
The banking index has formed a bearish candle which resembles, a Bearish Engulfing pattern on the daily scale. It has to cross and hold above 43043 level to make an up move towards 43166-43250 and 43400 levels while on the downside support is expected at 42750 -42600 and 42500 levels if breaches 42850.
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