Pre-Open Tech view of Nifty spot for 25-03-2022

By a Staff Reporter:  Yesterday Nifty lower opening at 17095 & hit day’s low at 17091. Then in 1st leg of the session good bounced almost 200 points -- High made was 17291 but bulls failed to cross tentative barrier 17300-17330. Then through out the rest day narrow range bound monotonous move in between 17150 to 17250 <100 pts range >, finally settled at 17222, Day to day basis down by 23 points.

Nifty currently range bound in between main range 17450 to 17000 as wide basis. Closed at almost mid of that range i.e. 17227. Immediate range 17200-17350. Nifty (S) weakness may persist as long as stays below 17267 or 17312.

But intraday basis On the upside Immediate hurdles 17255/267. Bulls will get active above that for a move towards 17291 & then 17312. Swing basis Major 17343--17360/397. Cautious at hurdles.

Intraday basis On the down side immediate support 17191--17166. Bears need to move below that for a move towards 17130 and 17100. Swing basis Strong at 17071--17006.

The option table data indicates decent support at 17000 and reasonable resistance at 17400.

Though close around 17350 would be good for coming week but still be cautious in carrying overnight positions in weekend.

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Source : Eureka

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