Pre-Open Daily Tech view of Bank Nifty Spot for 07-02-2023

Yesterday Bank Nifty started the session with almost flat note at 41530 & immediate basis high printed at 41724 but failed to sustain not only above 41700 but also 41500 level and drifted lower to hit an intraday low of 41261 in the 1st leg of the session. Then rest of the day consolidation within a narrow range in between 41500-41250 & ended at 41375 and ended with losses of 125 points day to day basis.

It formed a small bodied bearish candle on daily chart with higher highs - higher lows which indicated supports are gradually shifting higher.

On the Upside it has to continue to hold above 41250 level & initially if stays above 41420 then may up move towards 41580 & then 41666—41750. Major 41870—42000.

On the downside supports are expected at 41316/41250. Fresh negativity only below 41250 then 41151/125. Bulls now need to hold 41125 for trend to remain buy on dips. If breaches then only Major 41000-40900-700. Big move is expected & expected Wide range 42500—40000.

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Source : Eureka

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