Pre Open Daily Tech view of Bank Nifty Spot for 06-01-2023

BY A STAFF REPORTER: 

Yesterday Bank Nifty opened positive at 43073 but corrected huge upto 42300 and remained under pressure for the most part of the session & finally settled at 42608 after last hour slight recovery. Day to day basis down by -350 points.

It also formed a bearish candle on the daily scale with long lower shadow. Yesterday It has broken all important moving averages 20DMA = 43100, 5DMA = 43050,9 DMA = 42970 & vital 42800. Closed just below 50DMA = 42650. If recovery comes these will act as resistances.

The banking index has to cross and hold above the 42750/850 level to make an up move towards 43050 and 43150 levels, while on the downside, support is expected at 42250 and 42000 levels.

On the Upside Resistances are :- 42850—43050 & major 43150-43400

On the Downside Supports are 42400--42250—42000.

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Source : Eureka

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