Pre-open Daily Tech view_25.01.2022

BY A STAFF REPORTER 

Significant week – started with a strong bear note. Black Monday – Panic type massive selling occurred yesterday. Though yesterday’s overnight US market turnaround tremendously to snap losing streak as Dip buying returns amid huge volatility & Dow erased more than 1100 points decline to finish the day in positive territory. +99 pts. Now, Lets see what happens here. Nikkei -551 pts & SGX Nifty 16982 -74 pts.

Expectation is vertical correction may take some pause before breaking 16800. Should stay above 17000 & for positivity should cross 17150 minimum but traders don’t try to catch falling knife till get higher low on Hourly chart. But due to volatility & bears are too powerful so chances of testing 200dma 16600 may not be ruled out.

Yesterday the ferocity of the fall was so severe that it has broken several imp. Moving averages within a single session but after slight inching up at last leg finally settled at 17149. D to D basis down -468 points or -2.65%. Big Bearish Engulfing candle as a 5th consecutive basis after last Friday’s Doji at 17600.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.