Pre-Open Daily Tech view of Nifty Spot for 23-02-2023

BY A STAFF REPORTER 

Yesterday Nifty erased 272 points, the largest single-day fall since January 27 this year, to 17554 and formed a long bearish candle on the daily charts, ahead of monthly expiry of February derivative contracts.



Gap down opening & Gap created at crucial level inbetween 17800-17772 <20DMA @ 17795> & that to be acted as very vital resistance level in coming session. After Gap down opening @ 17772 huge correction continued through out the day. Not only broke 17700/17666 the benchmark even corrected below very crucial 200DEMA @ 17600. Low printed @ 17529 & Finally settled below 17600 @17554.



This is the 4th consecutive lower top lower bottom formation & as per Elliot wave formation daily chart basis this is currently 5th wave down move. Downside momentum strengthen after breaking 20DMA 17795 and more bearish after closed below 200-day EMA (exponential moving average) 17600.



Though short-term trend of the Nifty is weak & recovery failed from slab 17800/17777 mark but on the downside immediate basis support at 17522/17450 zone. Another attempt of bouncing possible from that slab but if fails there is a possibility of some more weakness & chances are there to test 17350 < Budget day’s low & very vital 200 DSMA>. If the said levels get broken, then fresh sharp selling pressure can't be ruled out say 17100.



On the upside 1st Resistance zone 17576--17618 & only above that extended hurdles are 17666—17709.



Max Pain @ 17650 & PCR 0.55. Current RSI = 37.

Option data indicated that the Nifty may see a broad trading range of 17350-18000 level in coming sessions due to a spike in volatility. India VIX surged 11.27 percent from 14.01 to 15.59 levels.



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Source : Eureka

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