Pre-Open Tech view of Nifty Spot for 16.03.2022 & onwards

BY A STAFF REPORTER

2nd day of the 4 days truncated week opened higher at 16900 and initially hit a day's high of 16928 then upto mid of the day gave a narrow range bound move mainly in between 16800 to 16900 but after 12.30 pm as investors remained worried about rising COVID-19 cases in China, the ongoing Russia-Ukraine war and the upcoming US Federal Reserve meeting erased all the gains and turned negative.

In the final hour of the trade Nifty has recovered 108 points from its day's low of 16555 and finally settled at 16663, down by 208 pts or 1.23%.

Nifty formed a dark cloud cover on the daily chart as it is lying in a scissors edge – upside 200dma barrier at 16980 & down side 9 dma i.e. at 16400. Therefore, Key resistance levels for Nifty is 17000 and on the downside below 16600/16555 strong support to be acted as 16440-16400.

*On the higher side*:-The immediate hurdle would be 16930--16980. Above 17000 Extended hurdles are 17080 & 17222. 

*On the down side*:- As long as Nifty holds the levels of 16500-16400 the uptrend is intact. Any fall below 16400 may increase further weakness up to 16350-16300. 

*The option data* indicated that the Nifty could trade in a range of 16350 to 17000 levels in the coming sessions.

*The volatility* inched up again as VIX closed 4% higher to 26.73 levels.

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Source : Eureka

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