Pre-Open Daily tech view of Nifty spot for 16-02-2023

BY A STAFF REPORTER 

Late hour rally - as a break out basis closed above 18000 mark for the first time since January 24 this year.

Yesterday Nifty started the session with lower opening @17896 with initially low @17854. Taking support from there and bounced. Then through out the day consolidation with a narrow range but in last leg of the session smartly break out above crucial hurdle 17972 . Day’s High printed at 18034 & finally settled at 18015. Day to day basis up by 0.48% or +86 points. It formed a 2nd consecutive bullish candlestick pattern & higher bottom formation as per daily chart.

The short-term trend of Nifty continues to be positive and may move towards the next key resistances 18100/150 & 18250 levels as long as stays above 17950/900 roughly while the major support to be placed at 17850/800.

On the upside :- Above 18037- Resistances are 18066—18106 & major swing hurdles 18161/200.

On the down side :- below 17989 Supports are 17955 – 17911 & major swing supports 17870-17835.

Option data indicates that for the upcoming sessions, the Nifty can trade in the 17800-18200 range.

India VIX, declined further by 4.4% to 12.86 level favorable for bulls.

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Source : Eureka

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