Pre-Open Daily Tech view of Nifty Spot for 30-11-2022

BY A STAFF REPORTER 

Yesterday Nifty for the first time closed above the 18600 mark at 18618, Day to Day basis up by 55 points. It has formed a bullish candlestick pattern with Opening –Low at crucial 3 DSMA support 18552, making higher high for fifth consecutive session. Day’s High was 18678. Therefore, Bullish Opening Marubozu candle at Life Time High levels ,indicating bullish sentiments.

Though already 5 days consecutive bullish journey over & RSI facing vital resistance 70 to cross so as long as it stays below 18680/700 mark slight chances are there to breach 18550 but should hold 1st life line 5 dma crucial support 18486 or incase of extended basis max to max 9 DSMA i.e. 18386. These may be the normal correction as very short term basis & will give some opportunity to buy on dips. Short term Swing basis main life line support at 18288 = 20DSMA. Positional negativity only below that on the down side.

On the Upside fresh bullish momentum only if stays above 18680/700 then expected resistances are 18730/18760 & 18806 as Intraday basis. Swing basis main aim to test 18888/18911 & finally 19000.

Option data indicates that in near term, the Nifty may trade in range of 18400 to 18800.

India VIX was up by 0.36% to 13.62 levels, but overall it has been cooling off for the last nine weeks and supporting the bulls.

Pre-Open Daily Tech view of Bank Nifty Spot for 30-11-2022

Bank Nifty started the session from day’s low 42960 & then day’s high printed at 43280 and after some volatile move session ended at 43053, day to day basis up by 33 points.

The banking index formed a small-bodied bullish candle on daily frame with a bigger upper shadow.

On the down side initial support 42960 -5dma & if breaches then very major 42740 – 9dma & that has to hold to make an up move towards 43236—43333/393 and major 43555/626. Major support below 42740 – 42550 & 42444.

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Source : Eureka

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