Pre –open Tech view of Nifty spot _11.03.2022*

BY A STAFF REPORTER

Yesterday almost 400 points higher opening at 16757 but failed to stay there due to selling pressure & slipped upto 16448. Nifty settled at 16595, up 1.53% or +249 points . Nifty formed a Bearish Belt Hold candle on the daily charts.

Complete “V” shaped bouncing recovery against 3 days fall 3 days consecutive basis rise almost 1100 points. Against this rally 1st retracement support 16500 & then Gap support in between 16447 to 16418 i.e. rounded 16400. 2nd retracement level 16350 & 3rd major at 16200. Upto these normal correction.

Further strength cannot be expected unless the Nifty closes above 16820 < 20 dma >.

For intraday basis :- NO TRADING ZONE 16650-16550.

*On the Upside*:- Bulls need to move above 16650 for a move towards 16700—16760 & major 16808 --16880.

*On the down side*:- Bears need to move below 16550 can see quick fall towards 16500—16426 & extended basis major 16380-16300.

*Option data* indicates a wider trading range for the Nifty at 16000 to 17000 levels in coming sessions.

*India VIX* fell 6.87% to 25.58 levels. For markets to stabilise, it should drop to around 20.

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Source : Eureka

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