Pre-Open Daily Tech view of Nifty & Bank nifty Spot for 12-01-2023

BY A STAFF REPORTER 

Yesterday Nifty started the session with flat opening at 17924 & then throughout the session with a narrow range zig-zag momentum mainly in between 17960 to 17860 range. Day’s High & Low exactly at 17976 & 17824. Market ended the session also with a flat note 17896 down by 18.5 points Day to day basis. Traders eyes mainly on Today’s inflation data.



Nifty formed a small-bodied bearish candle on the daily charts.



Though the current trend is likely to remain sideways or negative but Nifty currently lying in a trading range & hovering within the bands mainly inbetween 18100/150 & 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 indicates that the Nifty will trade in the 17700- 18200 range in the coming sessions.



5 DMA = 17951; 9DMA = 18037 & 20 DMA = 18120 – these to be acted as front barriers.



Down side should hold very crucial support 17793. Current RSI = 41.17.



India VIX fell half a percent to 15.44 level.



Intraday Levels are :-

Resistances :- 17950—18000—18065 & then major 18120.

Supports :- 17850-17800 & then major 17772—17745.



Yesterday Bank Nifty was out performer. It opened moderately higher at 42072 but hit an intraday low of 41729. After an initial hour of volatility, it bounced back to hit the day's high of 42318 & finally settled at 42233 up by 218 points.



It formed a bullish candle which resembled a hammer pattern on the daily charts, indicating a potential reversal in the index.



Though session was volatile but on the down side the Index manage to hold 42000 mark taking crucial support from 41700 from where strong buying was occurred.



On the upside intermediate resistance zone is expected at 42350-42400 and above that the short covering is expected towards 42700—42777 mark.



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Source : Eureka

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