European stocks saw a decline on Tuesday after Bank of Japan delivered a hawkish stance in their monetary policy, joining the club of key central banks tightening policies across the globe.
Nifty Spot View: 21/12/2022
Cmp: 18385.30
Support & Downside Range: 18310—18292 zone, 18245—18202--18150
Resistance & Upside Range: 18432—18450 zone, 18530—18592—18648
Short-Term Trend Reversal Level: -- 18697
Nifty Call Option Tips
Trading View: we saw a very sharp and quick recovery in nifty in yesterday's session from a low of 18202 and till nifty has retraced 38.2% in pullback ahead of the positive global market for today's session key level to watch is 18432—18450 spot levels if nifty breaks and sustain above this zone for 15-30 mins then we may see the extension in pullback till minimum 66% which is 18530 and max 78.6% to 90% levels which is 18592—18648 spot levels, and here I'm still holding my view that till we do not get a close above 18697 spot levels market is sell on rise once we get a close above 18697 will assume that fall from 18887 till 18202 is a 3 wave fall and still we have an upside left in the market and market is bullish for some more time.
Nifty - Current Expiry - Critical Option Analytics Data |
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Strongest Support | Strengthening Support | PCR | MaxPain | Strengthening Resistance | Strongest Resistance |
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18300 | 18400 | 0.656765 | 18350 | 18500 | 18500 |
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Nifty live update CMP 18353 crucial support 18335 spot and crucial intraday rest to watch 18391 break sustain below 18335 for 15-30 mins nifty will head towards 18245 —18202 spot and break and sustain above 18391 for 15-30 mins move goes sideways.
RBI MPC meet Update
The minutes of the central bank's Monetary Policy Committee's December meeting showed that members remain divided over an early pause in the monetary policy tightening cycle. While some members cautioned against a premature pause in monetary policy, others were against excessive tightening amid a weakening global growth outlook.