Pre-open Daily Tech view of Nifty & Bank Nifty Spot for 03-03-2023

Yesterday Nifty Spot opened lower at 17421 with day’s high 17445 and extended losses to hit the day’s low of 17306, closed at 17322, down by 129 points or -0.74%. It formed a bearish candlestick on the daily charts taking support at 17300.

If the index breaks the recent swing low area of 17250-17300, the correction can drag it to 17000, whereas on the higher side, 17450 remains crucial for a further uptrend.

Though underlying trend remains weak & The Nifty can retest the recent swing low of 17250 in the short term but today as we have weekly closing Bulls would like to close above 17428-17444 range.

Positivity subject to cross 5 & 200DSMA @ 17397/387 & that is the MAX Pain 17400.

On the Upside Positive above 17390-400 then Resistances 17428-17444 and 17476-497. Swing basis may move towards 17555-17585.

On the Downside Bears will get active below 17298 for a move towards 17252-17222-17176.

As per option data 17500 is expected to be the resistance in the near term, while 17200 & 17000 will likely act as supports.

Bank Nifty also remained under pressure and hit the day's low of 40313 & closed 308 points lower at 40390 and formed a bearish candlestick pattern on the daily charts. It also formed an Outside Bar. It, however, held firm above 200-day EMA 40025, which can be near-term support.

Positive above 40440 then Resistances are 40588, 40725 and 40835/952

Negative below 40300 then supports are 40210, 40068 and 39800.

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