Nifty is seeing a serious Bear Market.
Bears are attacking every high and piercing candle and engulfing candles shows the power of Bears.
Watch the Nifty Pre Open Video Analysis Below:
1) Pre Opening Market Session for 12 Jan 2023
- In a row, it’s the fourth time that Nifty is testing the support levels.
- Whenever the support is tested, there is a possibility that support may break.
- However, the support at 17816 is really great and showcases that the support will not break.
- Today Nifty may see some gap up opening, however, it is not quite sustainable until we find great common ground for Bulls.
- While the support is landing its hand, 20-day EMA is cutting the hand on the higher side, of the Bulls.
- Yesterday’s market closing was a Doji, which shows that bulls and bears have equal power to surprise the market.
- Nifty same to have come down from the Head & Shoulder pattern heavily.
- We are now saying very big negative candles compared to positive candles which shows that bears have an upper hand.
2) SGX Nifty Trend for Today on 12th January 2023:
Today on 12th Jan 2023 SGX Nifty is showing a 46 Point HIGHER move at around 7:30 AM when I am writing this article.
SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react POSITIVE.
So Indian markets especially Nifty Trend Today would have a POSITIVE start.
3) World Market Analysis for 12th Jan 2023:
S&P 500: 50.34 (+1.28%)
NASDAQ: 196.75 (+1.76%)
Dow Jones: 268.91 (+0.8%)
Nikkei: 5.99 (-0.02%)
US markets were higher. So Indian markets may take positive cues today.
4) Nifty Supports and Resistances:
Nifty Supports: 17899, 17816, 17737
Nifty Resistances: 18068, 18124, 18159, 18206
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?
5) Pre Opening Market Session for 12 Jan 2023 Conclusion
- Multiple support taps show that there is leakage caps.
- Nifty shows that we are bound in a range, it requires a very strong push to make the change.
- As of now Fibonacci retracement is a great support, this shows that bulls are a great sport.
- The great news now is the negative trend line landing an uplift, that to say my friend is a great gift.
All in all, today Nifty will see some POSITIVE moves in the beginning and may scale to resistance levels today.
Considering the trends globally and Technical Analysis Nifty Trend Today will start POSITIVE.
Happy Trading and Happy Money Making!