Pre-Open Daily Tech view of Nifty & Bank Nifty Spot for 09-02-2023

Yesterday post RBI policy Nifty bounced back smartly above 17777 < day’s low 17744> & High printed at 17898. Budget day's high & 50DEMA 17970/80 will be acted as a key resistance for further upside.

Nifty has been in the range of Budget day ( L 17353- H17972) for fifth day in a row. Therefore, unless and until it takes out decisively the high of that day, the volatility and range bound trade is likely to continue with crucial support at 17666 to 17550 area.

Nifty settled with gains of 150 points at 17872 and erased its’ previous two-days losses. It formed bullish candle on the daily charts, with making higher high higher low formation.

On the upside :- As long as Nifty is trading above 17750, the uptrend wave will continue. But 17950-970 could be the next profit booking zone for the bulls. If breaches 18000 mark decisively then the market could move up to 18150. On the Down side, below 17750, uptrend would be vulnerable.

Intraday Trading Levels

Positive above 17900 Resistances are 17932, 17966 and 17999

Negative below 17821 Supports are 17800, 17777 & 17743.

Option data indicates that 18000-18100 is expected to be crucial resistance area in coming sessions, with major support between 17700-17500 area.

India VIX fell by 3.75 percent from 14.13 to 13.60 levels, giving more comfort to bulls.

Yesterday the Bank Nifty was relatively underperformed. The index closed 47 points higher at 41538 and has formed an another Doji candle on daily scale, which suggested fight between bulls and bears near 41500 level while facing minor resistance near its 20 DEMA @41636 from past three sessions.

It has to continue to hold above 41500 level, to make an up move towards 41750 and 42000 levels, whereas supports are expected at 41250 then 41000 levels.

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Source : Eureka

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