Pre-Open Tech View of Nifty & Bank Nifty Spot for 16.02.2022 & onwards

Pre-Open Tech View of Nifty & Bank Nifty Spot for 16.02.2022 & onwards

Easing Russia-Ukraine tensions restored investor risk appetite globally – Here Nifty recouped most of the previous day's losses.

Yesterday after a volatile start Op 16933 but low tested higher at 16839 & then non-stop acceleration throughout the day, crossed one after another hurdles & this Extended gains hit the day’s high of 17375 and closed 510 points higher at 17352.

Technically Nifty formed large bullish candle as per daily chart defending it’s crucial Life Line support i.e. 200-day Simple Moving Average at 16800 bridging the bearish gap present in the zone of 17099 to 17303 levels.

After almost double bottom formation around 16800 such kind of vertical huge reverse surging mainly driven by short-covering across the board specially banking, auto, financial services, IT and realty.

Though Geo-political concerns eased but still due to high volatility < India VIX 20.61, -10.31% > even after crossing 17400 – initially the range 17500-17600 may be the concern area for bulls.

Range bound or consolidation possible until decisively crosses & closes above 17800 mark.

Technical barriers as per Moving averages :-

13 DMA = 17400, 20 & 50dma = 17450/60, 26 dma = 17620.

Source : Eureka

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