Pre-Open Daily Tech view of Nifty Spot for 29.03.2022
New Update
Pre-Open Daily Tech view of Nifty Spot for 29.03.2022
Nifty was lying in a consolidation phase in between 17000 & 17450 for consecutive 6 sessions. Yesterday as a 7th day that sideways action continued. Nifty though initially broke crucial 200DSMA 17040 but Nifty Bulls able to hold crucial Gap support 16987. After testing Day’s low 17003.90 sharply bounced back , crossed 9 DSMA 17130 & 50 DSMA 17175. Closing time printed day’s high at 17235 & finally settled at 17222, up by 69 points or with 0.40% gains.
Volatile session started with Initial weakness mainly due to rising covid cases especially in China but Smart reversal from crucial support area amid positive global cues and hopes of RBI opting for status quo at its policy meet scheduled during first week of April.
Nifty formed a Bullish Hammer Candlestick pattern on the daily chart that indicates positive moves in the coming day.
On the up side :- For coming sessions as long as Nifty holds 17100-17050 level chances of retesting 17300/330 & then 17380/440. Major 17500.
On the Down side :- If breaches the same, indication of further bear move & that can move towards 17000—16950 mark & which is a good buying opportunity area for short term basis.
R:- 17293—17333—17380—17440
S:- 17150—17100—17050---17000
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