Pre-Open Tech Idea _ Nifty & Bank Nifty Spot_28.01.2022

By a staff reporter:

Yesterday Nifty erased almost all previous day’s gain on the day of Jan’22 Expiry declined 168 points to 17110. Formed an Insider Ball Candle i.e Lower top at 17182 & higher bottom at 16866.

Negativity mainly due to continuous FII selling, Volatile G cues, Hawkish FED commentary, rising crude oil – US bond yield, Geo-political tension & domestically our forthcoming Budget uncertainty.

After 5 deep correction in last 2 days as Nifty trying to bounce making a base above 16800 and forming reversal kind of candle pattern which may be an attempt of bottoming out. As Inside Bar Candle – Either side trending move beyond the range on the upside 17310 & On the down side below 16836 though Immediate range 17200+ to 17000. Wide basis major expected Range 17600 – 16600<200dma>

On the Up side :-
 
Res 17175. Then 17210/255. If breaks out then 1st 17310 & then only 17356/385. Swing basis Major 17480/539.
 
On the Down side :-
 
Sup 17035/16970 & then 16900. Crucial at 16840. If breaches then only swing basis 16732—16645.
 
Bank Nifty Spot Last closing 37982
 
Positive above 38150 & then 38400-38600--38800
Weak below 37730 & then 37555 & 37280 -37000

Source : Eureka

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