Weekly Tech Analysis _Nifty & Bank Nifty Spot_31.01.2022

Weekly Tech Analysis _Nifty & Bank Nifty Spot_31.01.2022

Last Week Nifty lost 515 points to close at 17101. This is the 2nd consecutive week correction almost another 3%.

Nifty formed 2nd. bearish candle on weekly charts & as per daily chart lying below 50 DSMA i.e. 17430 which is negative for the market.

In last truncated week US Fed policy already announced & it’s outcome is now behind.

Coming week main focus on Union Budget 2022 that will be presented on 1st. Feb. Besides that focus also on automobile industries monthly sales figures that also to be announced on the same day. Global cues, Geo-political Tension, FII figs and earnings would remain on Traders’ radar.

Big volatile move on cards, so trade cautiously. Please do not take aggressive trade without Stop.

1st 15/30 min High & Low will be very crucial for that day.

Maximum 4% - 4.50% or 650/750 points move possible through out the special day either side i.e. on the upside 17800 or on the down side 16400 & that may be the maximum probable range.

Nifty Recent Top 18350 & Recent bottom 16836 in last 2 weeks. So corrected from top 1514 points.

Important Pull back hurdles are as rounding basis :-

R1:17350—R2:17450 & then R3: 17600/666 & then R4: 17770 & R5: 17900.

Source : Eureka

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