Pre-Open Daily Tech view of Nifty Spot for 16-01-2023

Asian Shares cautious Today, Traders eyes on BOJ Policy decisions.

Nifty on Friday bounced from 17774 after 4 times bottom formation almost from same support area 17777 <+/- 15 pts>. Reverse bouncing extended upto 17999 facing psychological hurdle 18000 mark & finally settled @17956.

Day to Day basis up by 98 points & formed a bullish candle supported by Banking & Financial, Auto, IT & Metal stocks.

Immediate support 17888 <20WSMA> & very major 4 weeks bottom roughly 17777 while 18000 <5WSMA> & 18200 <9WSMA> will act as resistances.

•    Put Call Ratio for Nifty (Exp. 19th Jan’23) = 0.88 &

•    MAX PAIN is 17900 < as per daily chart i.e. crucial 100DSMA >

•    Daily Pivot as per Friday’s Mov => 17900~. Daily RSI = 44.61.

•    Trend Deciding Range 17888 & 17999.

•    India VIX on Friday was down by 5.33% from 15.28 to 14.46 giving comfort to the Bulls.

On the Upside :- For coming sessions if Nifty maintains it’s Friday’s bouncing trend taking support 17900/888 & if crosses and sustains above 18000 - then intraday basis resistances are 18026—18079 & major 18112—18155.

On the downside:- Intraday basis Supports are below 17910 - 17888—17833 & major 17790—17747.

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Source : Eureka

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