Weekly Tech Analysis Nifty Spot_ 27.12.2021

Weekly Tech Analysis Nifty Spot_ 27.12.2021

PART I:-

Last week Nifty ended at 17004, W to W basis almost flat closing +18 pts.

Gap down starting below 17000 to 16850 extended upto weekly low 16410 amid hawkishness from global central banks, muted global cues and continued FII selling ahead of festive week coupled with rising Omicron cases. But that Monday closing was above 16600 after exact 200 points recovery testing crucial level 16400 mark supported by long term Life Line 200 Days Simple Moving Average Support 16300.

Then mainly rest of 3 days of the week bouncing sessions continued not only filled the Gap but also recovered almost maximum losses which was started from previous week.

This Friday though opening was positive at 17155 but failed to cross crucial hurdle 17170 < 61.8% retracement level of Total correction from 17640~ to 16410~ i.e. 1230 points was 17170 & that was the juncture of 20 & 100 EMA > and drifted towards 16910 but finally settled at 17004. D to D basis -69 points lower closing.

Markets are closely eyeing the COVID-OMICRON situation and any positive news could only help the index to make any sustainable up move else volatility will continue.

Source : Eureka

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