Pre-Open tech view of Nifty Spot for 23.03.2022

BY A STAFF REPORTER

Yesterday, Nifty jumped 198 points or 1.16% to 17315, the highest level since February 16 this year, and formed a bullish candle on the daily charts.

Chart pattern indicates, current bullish reversal may extend if sustains above upper edge of the band hurdle & 100dma around 17360.Short Term basis bulls aim to test 17500 & near term basis may move towards 17777/800. Expected Range 17000 to 17700 for coming sessions.

On the up side :- Bulls will get active above 17360 for initial resistances 17400/416 & then 17446 & 17479. Break out hurdles are 17500 & 17555.

On the down side :- For Swing traders Bears need to move below 17260 & more below 17240 for a move towards 17201.Initially focus upto this for further buying. Only below 17200 may correct upto 17172 & 17133-17077. 200dma 17000 & 16900 are the 2 main laxman rekha – should not break. Fresh positional bear move only below 16900 closing basis.

The option table data indicates decent support at 17000 and reasonable resistance at 17500/700.

India VIX closed at 24.07 -0.55 points, flattish with narrow move.

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Source : Eureka

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