Nifty Spot Weekly Tech view_ 28.03.2022

Nifty Spot Weekly Tech view_ 28.03.2022

Range Bound Consolidated Week Closed at 17153. Weekly Low was 17006 & High was 17442.

After last 2 big weekly Bullish Engulfing Candles gained by 6.4% last week Nifty formed a Bearish Candle.

Week to Week basis down -0.78% or -134 points. Main Weekly Range is 17000 & 17450.

Following Figures should be kept in mind as these have Technical significance.

** Wide Basis range Lower edge 17000 = 200 DSMA – 9WSMA & 23.6% Retracement level of Recent rally from 15671 to 17442. Upper edge 17450 = 30WSMA (Weeks Simple Moving Averages).

** Narrow Basis Upper edge / Immediate Resistance 17300-17340 = 20 WSMA & 100 DSMA.

Lower edge /Immediate Support 17100-17070 = 9DSMA. Chances of breaking this Trading mode into trending mode.

On the Upside :- Last week in 5 days Bears repeatedly tried to break this 200 DMA 17000 but Bulls prevented that. As long as holds Gap support 16987/17000 as on closing basis chances of re-bouncing possible & for coming session immediate Bullish move only if stays above 17212 then Intraday basis 1st Hurdle 17275—17300 & 17340. Intra-week basis if breaches that hurdle & stays above that then 17400/450 & even 17500 could be the next barrier. Swing basis fresh bullish move will resume only above 17450/500 for the swing Targets of 17666 & 17777/800 mark.

On the Down side :- Immediate supports 17070—17040 & 16987. Fresh bearish mode if breaks the level 16987 then may correct upto 16888 to 16800/777 mark. Should not break 16700 on the down side.

Option Data also indicates the same Trading range for coning session which is 17000-17400/500. Above 17500  17900/18000.

India VIX Closed at 23.43. W to w basis up 3.63% almost flat, just up 0.82 points. Current Range 20 to 25.

For Opening DP and Trading account, Mutual Fund Investments and Two/Four Wheeler Insurance Renewal, please contact 9836000699

#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #Buyback #IPO #mutualfunds #mutualfundinvestment

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.