Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 20-01-2023

BY A STAFF REPORTER:  Yesterday session started with negative Gap down note at around 18120 amid weak Global cues & sentiment dented by FED officials hawkish comments.

Narrow Range movements through out the session , High 18155 & Low 18064. Nifty settled at 18108, down by 58 points.

It formed a small bearish candle . Though as closing was very near to opening ,this resembles Doji kind of pattern on the daily charts indicating indecisiveness but an Inside Bar NR ( Narrow Range) pattern on the daily scale too. Big Rally is expected after NR pattern.

Bullish break out possible after 18200.

MAX Pain is at 18100 PCR at 1.17. Pivot placed at 18128.

For Intraday Trading 18128 will act as a Intraday Trend Change Level.

18050 immediate support. Then 18000-17950—17900. 18200 immediate hurdle.

Options data indicated that the Nifty may trade in the range of 18000-18300 in the coming sessions.

Intraday Trading Levels:-

Positive above 18155 then Resistances are 18188, 18210 and 18245. Swing basis 18292-18338

Negative below 18097 Tgt 18062, 18027 and 17970. Swing basis major 17926—17880.

India VIX, was down by 2.85 percent from 14.37 to 13.96 levels. It needs to sustain below 14 for the market to resume the uptrend.

Yesterday Bank Nifty opened with a slight negative mode at 42416 and moved in a consolidative manner throughout the session. It moved in a narrow range of 270 points and closed with losses of around 129 points at 42329. It formed a bearish candle but an Inside Bar NR ( Narrow Range) pattern on the daily scale. Big Rally is expected after NR pattern. * *Bullish break out possible after 42750.

On the upside It faced 20DMA resistance at 42555/42600 range & on the downside taking support at 5-9 dma & 50EMA support at 42350-42250 range. Now the index needs to hold above 42200 to make an upmove towards 42555 and 42750, whereas major support is placed at 42000 below 42200.

for opening dp and trading account online, please visit

https://ekyc.eurekasecurities.net/app/Account/Register?rmid=3226

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://ekyc.eurekasecurities.net/app/Account/Register?rmid=3226 for opening Trading and Demat Account.