Pre-Open Daily Tech view of Nifty spot for 27-01-2023

BY A STAFF REPORTER 

As US GDP data eases recession worries Wall Street Closes green. Here also expectation of Green Opening after last day’s Strong bear action & Massive sell –off. It was second day consecutive basis correction that started below initially 18200 & mainly on Wednesday after starting & breaking below 50DEMA & 30DSMA juncture point 18100.



Rapid fall below 5 day’s range < 18200—18000> lower band, psychological mark & crucial 20DSMA i.e. 18000. That was intraday basis corrected upto 17846 taking support very crucial life line 17825/800 & finally settled below 17900 @ 17891 after last hour slight bouncing. Day to day basis down -226 points & it formed a long body bearish engulfing candle mainly in between range upside 18100 & downside 17800.



Short term basis trend remain fresh negative below mid point 18000 of the main band 18250 – 17750 <500 points> & we entered into the bearish zone below 18000. Chart pattern formation almost Bearish “M” shaped indicating increasing nervousness among market participants ahead of Union Budget and FOMC meeting scheduled for next week & that was accelerated more as some offloading pressure for new settlement policy which will be effected from Jan 27.



Though Bulls hope, Right Arm of “M” to be restricted either at 17820 or by the range support 17750 after making almost triple bottom formation otherwise arm to be extended more initially 17666 below 17750 or upto 17570—17470 mark.



On the flipside above 18000—18100 will be the cautious hurdle. Further Sign of initial bouncing only above that then main barriers 18190 – 18260 <50DSMA> & very major 18333 further.

   

Max Pain for Nifty <2Feb’23> = 18000 & PCR 0.60. According to Option data, the expected trading range 17700-18200. India VIX was up by 7.30 % from 13.66 to 14.66 levels, giving discomfort for bulls.



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Source : Eureka

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