Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 11-01-2023

BY A STAFF REPORTER 

Yesterday Nifty opened moderately higher at 18121 & that was almost day’s High @ 18127. Slipped from there as it faced 18160 as a crucial 20DSMA hurdle. Intraday basis not only broke 9DSMA 18070 & 5DSMA 17984 & it extended correction up to 17856. It took support at crucial 100 DSMA /DEMA @ 17882/906 & finally settled at 17914. Day to Day basis down by -186 points or almost -1%.



Nifty reversed more than half of its previous 2 day's gains and It formed a long bearish Engulfing kind of pattern on the daily charts, indicating control of bears further but the index strongly defended 17800.



Nifty currently lying in a trading range & hovering within the bands mainly inbetween 18100/160 & 17800/750 . A decisive breakout on either side may trigger a strong directional trending move. But immediate basis stoppages are on the upside :- 18250/300 & on downside 17666/600.



Option data indicated that the expected trading range for the Nifty for coming sessions would be 17,700-18200 in the near term. End of the Day PCR :- 0.54 & Max Pain area : 17950.



India VIX, the fear index, jumped nearly 6% to 15.51 level, from the 14.65 level unfavourable for bulls.



Resistances :- 18000—18056—18080 & then major 18121—18160.

Supports :- 17855-17804 & then major 17772—17745.

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Yesterday Bank Nifty opened moderately higher at 42642 & that was almost day’s High @ 42674. Slipped from there as it faced 42700 as a crucial 50DSMA hurdle.

Through out the session huge corrected & even broke the 42000 mark to hit an intraday low of 41836. The index showed a bit of recovery in late trade and closed just above the 42000 mark @ 42014 with 568 points losses ahead of a speech by Fed Chair Jerome Powell.



End of the Day PCR of Bank Nifty :- 0.52 & Max Pain area : 42200/250.



Resistances :- 42250—42550 & then major 42666/750.

Supports :- Below 42000 - 41840-41740 & then major 41570-41400.



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Source : Eureka

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