Nifty Spot View: 24/02/2023
Cmp: 17511.25
Support & Downside Range: 17455—17350--17300
Resistance & Upside Range: 17620—17680--17719
Short Term Trend Reversal Level: --
Trading View: In today's trading session key level to watch is 17455 spot levels which is yesterday's low break below selling pressure gets extend till 17350-17300 minimum whereas upside immediate rest placed at 17620 break and sustain above it for 15-30 mins we may get relief rally till 17680—17719 minimum.
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Update
Yesterday low made was 17455 with candle closing at 17470. Low made today was 17451 but candle closed at 17459. So practically longs have been taken out. But shorts are not yet covering. Implying that if a fresh low is made Nifty will give a short trade. Waiting it out ..
Reliance till now formed a hourly doublish bottom near 2364 and second day in a row trying to hold it on a closing basis , 20 hour moving avg placed at 2385 move above it has next rest placed at 2403 and above 2403 we may see some leadership move coming by #reliance we are still holding the way that till it does not give a close below 2463 spot or can say round figure 2460 still reliance bulls have chance to form a 1-2-1-2 pattern and lift the nifty up.
German Economy Contracts More than Expected
The German economy shrank 0.4% on quarter in Q4 2022, much worse than initial estimates of a 0.2% decline, and marking the first GDP contraction in nearly two years. Household spending sank 1%, as high prices and the ongoing energy crisis weighed, and after government relief measures such as the fuel discount and the 9-euro ticket ended.
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