Pre-open Daily Tech view of Nifty spot for 30-01-2023
New Update
BY A STAFF REPORTER
It was Black Friday. Nifty daily basis down 288 points or 1.61%. Worst daily closing since 21st Oct’22 at 17604. Nifty formed very big bearish engulfing candle on the daily chart. Market participants remained cautious ahead of Union Budget 2023 , FOMC meet outcome scheduled this week & further, the movement in Adani Group stocks will also be closely watched after the recent steep fall.
Positional basis though chart formation still negative – as per Daily chart bearish “M” formation double bottom breakdown but 17470-430 technically should be very strong and vital Support area. As long as it holds chances of bounce prevails. Expected pull back hurdles 17777--17850 & major 18000. But any pull back may fizzle out at higher ends and so traders should cautious at every higher levels.
Daily Pivot 17666 & this is the trend deciding area.
On the Upside :- Above 17666 1st resistance :- 17725/775 & then major 17818. Extended basis vital hurdles 17875-17966. If pull back occurs that may fizzle out either before 18000//100.
On the downside :- 17560 = immediate support & if breaches then 17470/430 = vital support that should hold otherwise 17300/200 = very strong Technical Life Line support.
Current RSI as per Daily chart = 35 very close of the vital oversold level 30. Max pain =17800, PCR OI 0.51. India VIX, surged 18.18% to 17.32 level favourable for bears.
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