New Year 1st week Nifty Spot Weekly basis closed above 17800 amid volatility, rose more than 450 points or 2.50%. WL :- 17383, WH:- 17944 & WC :- 17812.
W to W basis it was 3rd. consecutive basis bullish candle which was supported by 5-9 WMOV bullish crossover around 17400. Bulls became stronger after crossing 17500 <100-50dma> & previous top 17640. Then not only crossed weekly barrier 17777 but also moved upto 17944.
After 1st 3 days of the week consecutive basis massive vertical surging profit booking or some sort of cooling was very likely & that happened in last 2 days of the week. Nifty corrected upto 17655 & finally settled at 17812.D to D basis up 66 points or 0.38%. As per daily chart Nifty formed a Spinning Top type of candle which indicates absence of follow up buying at higher zones.
Despite rising concern over rapid Covid infections & inflation fear – Hawkish FOMC stance as a contradictory the benchmark showing their inherent strength, maintaining their uptrend as the severity of Omicron Variant seems to low, FIIs turn net buyer and main focus of our domestic market mainly on the upcoming quarterly results and Mega Union Budget.
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