Pre-Open daily Tech View of Nifty spot _24.01.2022

Pre-Open daily Tech View of Nifty spot _24.01.2022

As per our last Friday’s discussion fresh negativity given below 17735 for down side support 17600 & extended basis 17555-17500. Though Opened with another Gap down at 17613 but High printed at 17707. Bears got a slight chance for shorting above 17700 & then all projected lower supports broke. Low printed at 17485 but finally erasing some losses settled above 17600, exactly at 17617.

As Op & Cl both were almost same so technically last candle was perfect Doji formation after 3 Black Crows indicated some incisiveness. But as Asian markets opened in Red today amid uncertainty on FED decision & Geo-political tension week may start with negative bias even break below last week’s low 17485 but Monday’s Low will be very vital for coming week & that to be trend decider also. It should be traders’ focusing area.

On the Down side :-

Initially on Monday 17485-17496 is most important range to be watched & extreme basis 17400 <+/- 20> i.e. 17420-17380 should hold. 17380 technically crucial level, 50% retracement level of the previous rise from 16410 to 18350. Swing basis if breaches 17380 then more bear grip for Short term basis.

On the upside :-

Otherwise if fall restricts in between 17480 to 17380 then chances of bouncing but any pull back should cross initially 17600 <+/-20/25 pts> -1st criteria but may face resistances near 17666—17707 & 17738. Crucial hurdle 17777-17820 <20dma >. Fresh next bullish move will resume only above that.

The Option Table data indicates decent support at 17400 and reasonable resistance at 17800.

India Vix closed at 18.89 +1.10.

Source : Eureka

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