Daily Trading view Nifty Spot_ 17.01.2022

Daily Trading view Nifty Spot_ 17.01.2022

Last Friday Nifty initially gave a gap down weak opening but volatile session ended on a flat note recovering losses in the afternoon session despite negative global cues.

Nifty closed at 18255 down by only 2 points but formed a Green Candle on Daily scale & it was a 6th consecutive basis higher high formation.

Perfect Outside Bar Formed printing Friday’s low at 18119 & weekly high at 18286.

Ready for trending move of almost 200 points <+/-25> beyond that range either side, otherwise consolidation possible.

Intraday basis For Monday :-

On the Upside Positivity above initially 18290 & more above 18330 for the upper move towards 18356 and 18388. Major 18414.

On the Down side Negativity below 18220 & more below 18190 for the lower supports towards 18164-18140 and 18120. Major 18080.

As a swing basis :-

18140 & mainly 18080 should hold to move towards initially 18388/414 – cautious hurdle subject to cross 18290 & 18330.

As already 6 consecutive days positive closing occurred so further consolidation or some pause or even minor dips cannot be ruled out. If fails to cross 18388-18414 range profit taking possible near resistances.

On the down side Swing basis negativity below 18080 & then correction possible upto 18000—17950 & very major 17850.

But On the upside if crosses & stays above 18414 then weekly basis may gradually move towards 18490-18555 & finally all time top ~18600.

The Option Table data indicates decent support at 18000 and reasonable resistance at 18400.

Source : Eureka

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