Pre-open Daily Tech view of Bank Nifty spot for 30-01-2023

BY A STAFF REPORTER 

Bank Nifty vertically cracked especially after 42550 <20DSMA> -42350 <50DEMA> & that became more severe on Friday after Gap down opening below 41600 <100DSMA> at 41382. Mammoth fall extended upto 40148 even breaking very vital support 41000/40800 & finally settled at 40345. Massive fall of 1302 points or -3.13% on Friday itself. The index formed a long bearish candle on the daily scale.



In the short term, the index may remain under selling pressure. The RSI is in bearish crossover and falling but at oversold stage 29.88 as per daily chart. Support is visible at 40000, while on the higher end, resistance at 40800.



On the Upside:- Above 40450 Resistances are 40700-40900/41000 & extended basis 41400/600.



On the Down side:- Below 40150 1st main support 40000/39950 & then only 39777 <200DEMA> /650. Extended basis 39225 & very major 38888/700<200DSMA>.



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Source : Eureka

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