Pre-Open Daily Tech view of Bank Nifty Spot for 20-03-2023

Bank Nifty ended the session at 39598, a decent recovery in the last hour of trade on Friday. D to D basis up 1.20% or +465 pts formed a Hammer candlestick pattern on the daily charts which also looked like a Morning Star kind of pattern formation which is generally a signal of a bullish reversal. Banks played a key role in recovery.

On Friday bounced from 38900 to 39700 & closed at around 39600 i.e. the juncture point of 200DSMA & 5DEMA.

On the down side:- 39333--39200 immediate support. Other supports are 38900 and 38700.

On the upside:- It has to hold above 39500/400 levels to extend the bounce towards 39700-39900 & 40040/40140.

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Source : Eureka

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