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Daily Technical View on Nifty

* Nifty opened nearly 100 points low on the back of weak global cues. However, from early morning lows, Nifty recovered more than 150 points to end the day in the green. At close, Nifty was up 0.55 point to close at 18497

* Short term trend remains positive as Nifty managed to close above its 20-day EMA which is currently placed at 18450 odd levels. Moreover, Nifty also closed above its previous swing close of 18410(16-Nov) which would interchange its role as a support. In the Option segment Puts being written at 18300-18400 level which coincides with the today’s intraday low of 18350 odd levels.

* Nifty has witnessed a correction of more than 540 points from the recent swing high of 18887, registered on 1st December 2022.

* However, during this fall of Nifty, BankNifty outperformed nicely and has managed to close at the new all time high.

* Nifty Midcap and Smallcap registered smart recovery from session’s low and both the indices closed near session’s high. Today’s low of 18345 in Nifty is expected to act as a short term support and unless that is breached, longs should be held.

* On the upside 18664 could act as a resistance for Nifty.

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