Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 16-03-2023
New Update
BY A STAFF REPORTER
Yesterday Nifty closed below vital technical & psychological level 17000 mark. Today though opening may also in red but buy at day low may give some good results in short term.
Though as expectations initially bouncing occurred, almost 100 points Gap up. Gap in between 17068 to 17166 but rally failed to cross minimum hurdle 17250 mark. Fizzled out from there. And finally Closing not good, below 17000 mark. Low printed @ 16938.90 & closed @ 16972.
Day to day basis down -0.42% or -71 points. This was the 5th consecutive bearish candle with lower top lower bottom formation that has completely overlapped the similar negative candle of previous session. Technically, this pattern indicates an inability of the market to sustain the gains. Normally, such overlapping candles after a reasonable downward corrections hints at a possibility of reversal pattern on the upside.
Nifty Pull back rally failed to cross 5 Dma 17250. No fresh bullish hope as long as stays below 17250.
On the upside :- immediate resistance 17035 and then 17065—17091 & major 17125. Max pain 17100 to be acted as hurdle. PCR = 0.50.
On the down side :- Below 16945 – next supports are 16850 & then major 16707—16666 & swing based major support @ 16609.
Current RSI :- 31.45. India VIX 16.30.( 0.08pts or 0.50% up) R: 17/18.50 S: 15/13.80.
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