Pre-Open Daily Tech view of Nifty Spot for 28.03.2022

Pre-Open Daily Tech view of Nifty Spot for 28.03.2022

Last Friday Nifty corrected 70 points and formed bearish candle on the daily charts.

W to W basis corrected 0.8% after 6.4% rally in previous two straight weeks.

Nifty initially higher open at 17289 and hit high 17295, but failed to test and cross 17312-350 (100DMA) immediate barrier. Below 17200 < 50DMA > more weakness occurred, Day’s low 17076 but after exactly testing 9 dma in last leg gave some recovery & finally settled at 17153.

Next week, will be a volatile week as this week will be a F&O expiry week of the last week of this Financial Year and besides that traders should keep a close watch on Status of Ukraine war & oil prices direction, FII figs and monthly auto sales data.

Though positive bias as for last six consecutive sessions above the crucial 17000 mark <200dma>

but actually range bound for these sessions with a band of 17000-17450 range. Expectation is chances of breaking this Trading mode into trending mode either side.

On the Up side :-

For Intraday basis Positive above 17186 for a move towards 17212, 17244 and 17275. Major 17295-17340.

On the Down side :- Negative below 17125 for a move towards 17100, 17075 and 17046-17028.

Major 17000/16987.

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

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Source : Eureka

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