Pre-open daily Tech view of Nifty Spot_22.03.2022

By a Staff Reporter:   Yesterday Nifty after higher opening at 17330 climbed up to 17353 levels but failed to hold that bullish momentum, whipsawed there . Correction started & through out the day correction continued amid volatility. Sharp fall after breaking 50DMA 17250 and hit a day's low of 17096, and finally settled at 17117, down by 169 points or 0.98%.

On the upper hand Nifty restricted by 100dma i.e. at 17370 & downside to be prevented by 200-day simple moving average lying at 17000 mark. After 2 days big rally with a huge Gap inbetween 16987 – 17175 Nifty erased maximum of that gain forming a bearish engulfing candle on the daily charts.

On the upside Resistances are :- Above 17147 initial hurdles at 17175--17222-246.

Initially though cautious hurdle near around 17222-246 & if fails to cross -- Pull back may fizzle out from any one of these hurdles. Otherwise may extend upto 17344-17404.

On the downside Supports are :- Below 17096/077—17025 & 16989. That support should hold as this is the 200 DMA. If breaches then Breakdown Support 16955--16900. Positional basis Swing Supports are below 16900—16830—16777. Any reasonable dips should be good opportunity to buy.

Option data indicated the Nifty could see an immediate trading range of 16800 to 17500 levels.

India VIX jumped nearly 9% to close at 24.6 levels.

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Source : Eureka

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