Pre-Open Daily Tech View of Bank Nifty Spot for 14-03-2023

Bank Nifty Spot opened with negative note @40356 & after immediate basis initial bouncing high 40690 failed to cross crucial mov cluster hurdle 40700/40800 mark, corrected throughout the day & at last leg printed low @ 39454 & then in last 15 min slight recovery, bouncing high made @ 39684 & finally settled @ 39564, the worst closing since October 14, 2022, and formed a long bearish candle on the daily scale as massive underperformance was seen in banking stocks.

Day to day basis down -920 points or -2.27%. Lower highs and lower lows on the daily scale for the past two sessions.

The Index took support from crucial 200DSMA@ 39555. Fresh negativity further below that closing basis. On the flip side, 200DEMA @ 40075 & 40400 to be acted as initial resistances now. If fails to cross that then weakness may be seen towards 39000 then 38888 levels.

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Source : Eureka

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