Pre-Open Tech view of Nifty Spot for 15.03.2022 & onwards

BY A STAFF REPORTER

4 days truncated week started with a flat opening at 16634 with initial low 16606 then throughout the day maintained the bullish journey . After crossing 20 DMA 16750 & mainly above psychological hurdle 16800 high printed at 16887.95 & closed almost at the top. Finally settled at 16871 up by 241 points or 1.45 %. Nifty formed a large bullish candle as per Daily chart. Positive global cues and cooling crude prices lifted the sentiment.

Technically, *On the upper side* :- For coming sessions above 16891/900 initial basis 1st barrier at 16975 <200dma > & psychologically upper slab 17000 to be watched out. For further bullish journey any decisive break out above 17000/17025 bullish journey can be extended upto 17065 mark. Next Extended hurdles are 17132 & 17225.

*On the down side* :-Current support = 16788. Any decisive break down below that 16740 <20dma > & 16700 immediate support. Major support from bears angle at 16660 to 16610.

As long as the Nifty sustains above 16600, as a swing basis bulls aim to move towards 17250-17500 mark Any dip can be a buying opportunity for positional traders subject to hold 16600.

*The options data* indicates that the Nifty could trade in a range of 16500-17200 in the coming sessions as a wider basis.800 Target 850*

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Source : Eureka

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