Weekly Tech View of Nifty Spot for 07.02.2022 & onwards

Weekly Tech View of Nifty Spot for 07.02.2022 & onwards

After Budget week coming week may be another significant week.

The next meeting of the MPC is scheduled during February 7-9, 2022.

For Nifty Spot, against 2 consecutive Red weeks correction almost 1500 points from 18350 to 16836, last budget week was a Green week gained by 2.4% or +414 points. Week starting with a Gap up at 17301 & Low printing at 17244 but post budget rally continued upto 17794 i.e. 61.8% pull back over against fall but failed to cross 17800 mark & in last 2 days almost 38% retraced amid elevated oil prices and mixed global cues. Nifty Closed at 17516.

Weekly basis Nifty formed a shooting star pattern with long upper shadow which indicated selling pressure at higher levels. Chances of reversal against almost 1000 points rise from 16800 to 17800 but requires confirmation initially below 17440 & mainly below 17240/200. That will negate if Nifty Bulls able to cross initially 17600+ & mainly 17750/800.

Source : Eureka

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