2nd week of this new year started with strong note and throughout the week this winning momentum continued. W to W basis Nifty surged 443 points not only crossed 18000 but also maintaining above 5DMA i.e.18150 as immediate basis support range ignoring Weak Global cues, Rising Omicron cases, Weak Domestic as well as US Macroeconomic Data, with US Inflation reached a 4 decades High. Last week FIIs also were in net seller but market rising actually with expectation of strong Qtrly earnings and positive of that started & main focus on Forth coming Mega Union Budget.
This is the 3rd consecutive weekly gain & as per Technical chart pattern it has formed a 3 White Soldiers pattern which is a sharp bullish reversal against previous 2200 pts fall which started actually after crossing 17500 & specifically above 17650. This pattern suggests that taking some stoppage or pause this rally may continue & even may cross previous top 18600.
Within this journey Nifty not only crossed 61.8% retracement hurdle = 17777 but also jumped 78.6% retrace barrier = 18150 with a Gap up move on last Wednesday. Then in last 3 days of the week was in a narrow range bound consolidation phase facing hurdle 18300 but buying generated on dips near 18100.
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