Pre-Open Tech View of Nifty & Bank Nifty Spot for 13-06-2022

Last Friday Nifty opened sharply lower by nearly 200 points to 16284 and corrected up to 16173 intraday basis. The day's high of 16325 could act as a resistance in coming session. Nifty settled the week almost lowest point at 16202. D to D basis down by 1.7% or 276 points. It formed a bearish candlestick on the daily chart.

Monday expected opening another Gap down amid strong bearish Global mood. Last day Dow fell 700 points after inflation hits 40-year high. Coming week Key factors are :- Inflation-FOMC Meeting--Oil Prices-Balance of Trade--FII Selling--Indian Rupee - Covid fig. etc & Traders eye mainly on 15th June – FED policy meet.

Here Friday was the 5 the day consecutive lower top lower bottom formation & Pull back attempt disappearing as Nifty failed to stay above 16500 & has decisively broken its crucial supports 16400 <5dma> and closed below 16300/250 <20dma > & as per daily chart then chances to break & test psychological 16000 & 15900 mark in coming sessions is very likely.

But still hope is there from around 16000-15900 range as this is the very crucial support area. Chances of fall restriction & re-bouncing from there subject to cross step by step 16300-16400 & 16500.

Intraday basis Pivot Hurdle :- 16233

On the down side supports are :- 16141—16070 & then 15990 to major 15930.

On the Upside only above 16233 Resistances are :- 16293—16385. Major 16444-16500.

Bank Nifty last closed at 34483 D to D basis -600~ pts

Intraday basis Pivot Hurdle :- 34527

On the down side supports are :- 34303—34121 & then 33900 to major 33700.

On the Upside only above 34527 Resistances are :- 34700—34900. Major 35150.

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