Nifty Tip
As per SgX is showing a small gap up. I would be very surprised if Nifty breaks the 17730 levels on the downside. The overall structure looks bad as Nifty is holding 20 SMA on weekly charts and 100 SMA on daily charts.
Further weakness will come only after 17730.
Nifty. Taking strong support at 50% retracement. 50% is strong support on Fibo calculations. Support at 17730 and resistance at 17995 and 18070.
BankNifty. Bank Nifty looks weaker positionally in spite of taking support at 38.2% retracement. The reason being HL and LH structure is more pronounced. Support is placed at 41800 and resistance at 42460.
Derivative. Data is super bearish. Seen such one-sided data after a long time. It indicated a steep fall but PCR and other stability indicators are heavily oversold. Expect a bounce.
Further weakness will come only after 17730.
Nifty. Taking strong support at 50% retracement. 50% is strong support on Fibo calculations. Support at 17730 and resistance at 17995 and 18070.
BankNifty. Bank Nifty looks weaker positionally in spite of taking support at 38.2% retracement. The reason being HL and LH structure is more pronounced. Support is placed at 41800 and resistance at 42460.
Derivative. Data is super bearish. Seen such one-sided data after a long time. It indicated a steep fall but PCR and other stability indicators are heavily oversold. Expect a bounce.
Nifty Spot View: 10/01/2023
Cmp: 17914
Support & Downside Range: 17856—17795--17775
Resistance & Upside Range: 17965—75 zone, 17998—18031--18080
Nifty live update one level to watch here 17940—17975 spot zone break and sustain above it for 15 to 30 mins nifty opens for 18130—18165 spot levels now downside fresh selling if nifty goes below today low which is 17820 spot levels.
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