Pre-Open daily Tech View of Nifty & Bank Nifty Spot for 19-01-23

BY A STAFF REPORTER 

Yesterday session started with slight positive note at around 18074 & immediate basis low printed at 18032. Initially Bulls able to hold themselves to stay above 20DSMA at around 18033 & then throughout the session positive upmove continued. At the last leg of the session High printed @ 18183 & finally settled at 18165.

It closed above crucial 18125 mark for the first time in last 7 straight sessions & just infront of 30DSMA @ 18177.

Day to day basis up 0.61% or +112 points & formed an another bullish candle making higher high higher low for the 4th straight session. The pattern indicates more confirmation of the bullish undertone and is currently in an attempt to upside breakout of the range movement after long consolidation. The Short-term trend of Nifty is positive but may face cautious hurdle mainly inbetween 18230 to 18270 range.

On the upside Key Resistance 18200 & Trend Deciding hurdle 18230/265. Any breakout above that could trigger a fresh round of longs in the system.

Then Break out hurdle 18333-18500.

On the down side Key support 18100 <+/- 20> & trend deciding support is placed at 18030/18000.

Break down support 17900 & further 17777.

The Option data also indicated that the next resistance area could be 18200-18300, with support at 18000-17900 levels.

India VIX, was down by 1.49 percent from 14.59 to 14.37 levels. The declining volatility has also given comfort to bulls.

Bank Nifty opened positive at 42272 and moved in the positive direction. It touched an intraday high of 42556 and closed with gains of 223 points at 42458.

It has formed a bullish candle on the daily scale with a higher high higher low formation.

It has to hold above 42222 level for an upmove towards 42750 and 43000 levels, whereas supports are placed at 42222 then 42000 levels.

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Source : Eureka

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