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

On Friday Bank Nifty bounced from 41885, crossed 5 DSMA 42250 and touched an intraday high of 42454. It closed finally at 42371, Day to day basis up by 289 pts or 0.69% and formed a bullish candle on the daily charts with a long lower shadow, indicating support-based buying, with a higher high higher low formation for the second straight session.

After correction Undertone remains bullish. Traders should continue to buy on dips as long as the index stays above 41700.

•    Put Call Ratio for Bank Nifty (Exp. 19th Jan’23) = 1.04 &

•    MAX PAIN is 42200

•    Daily Pivot as per Friday’s Mov => 42236. Daily RSI = 46.50

•    Trend Deciding Range 42400 & 42200.

On the upside:- Resistances are above 42454 - 42588--42770—42950.

On the downside:- Supports are below 42200 - 42000—41885—41700.

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Source : Eureka

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