Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 31-01-2023

Smart recovery amid choppy trade. Yesterday Nifty took support from 50 WEMA 17400 < Low 17405> after opening at 17541 crossed crucial 200 DEMA =17550. It managed to hold both those levels & recouped all losses in the last hour of trade. Ultimately NIFTY SPOT closed at 17666 (screen cl) & weighted 17648 (weighted cl) - day to day basis up by 45 points.

This is though a bullish trend reversal candle positive Hammer formation but not confirmed Piercing Candle, lower highs and lower lows formation continued for the third consecutive session.

As Nifty found support near crucial 17400 and bounced back sharply , specially maintained above 17550 ahead of key events though short term trend still negative bulls expectation is chances of a sharp re-bounce in the coming days & are expected to be high with 18000 -18100 subject to cross 17800.

But traders should cautious at higher levels. On the upside : - above 17717 R 17777/17808 & then major 18888.

On the flip side, below 17590 & 17550, the market could slip to 17400 – 17350.

Current RSI as per daily chart bounced from almost oversold area 35 indicating chances of reversal. Max pain 17750. PCR 0.57.

The Option data indicated an immediate trading range for the Nifty is expected to be 17400 to 17800.

India VIX, climbed further by 2.25 percent to 17.71 level, from 17.32 level.

Yesterday Bank Nifty opened low at 39856 and throughout the session corrected upto 39420. It witnessed a decent recovery in the last couple of hours and closed with gains of around 42 points at 40387 with a hurdle near 40800. It formed a bullish candle on the daily scale with long shadows on either side which indicates wild swings ahead of the event.

R:- 40487—40750--& then 41250.

S:- 40000 – 39750/39640 & then 39441-117

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Source : Eureka

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