DAILY TECHINICAL ANALYSIS
Date 19h December 2022
Nifty – Bulls, “Messi” with the bears!
Nifty, the bears return, strike hard and close below the 18380 area. The coolest charts Point and Figure short frames indicate further weakness. Recall the Bearish HnS break (picture in Picture), suggest further move towards the 18080-18130 as the probable tipping point. The question is will there be a corrective move up or a directional move down. There is chance to the rise intra-day, however big picture looks many places struggling for a rise on close basis. The supply zones now 18380-18440 (On close basis is very vital), 18500 brings the psychological cap. Supports now 18230-18180 and last 18080. There is downward rotation that has started needs a careful watch. On the bi-monthly graph there is dark cloud pattern, while monthly graph needs a confirmation to that. With global cues, sharply taking U turn, any incremental losses there or sharper dollar rise brings fresh legs to the bears move. A close above 18430 negates the view.
Niftybank:- Bull’s “Freeze” their account
Nifty bank, as expected the bear`s strike. Bulls find it hard to hold and parabolic profits that were generated in the last three months remained under pressure. Profit taking hits all around. The bi-monthly graph prints a shooting star (too early to call a cap), however, the entire rise from 32 K to 45 K is under corrective move that looks set for 38.2% of retracement marking around 41600 area. With the broader market looking softer, global cues weaker the space is ripe for some profit taking downward moves. Recall this space is akin to reverse around extremes as a standard and that was missing in this entire up move. That is now in play as corrective phase. Near term marking the 41600-43800 as larger area of play and within this the downward bias. Shorts remain below closing 43800 for move to 42300-500 as first target. Most improtantly the regression line that is drawn is broken and is out of the channel that send the Santa Bells to the bulls.
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