Pre-Open Daily Tech view of Nifty Spot for 21.02.2022

Pre-Open Daily Tech view of Nifty Spot for 21.02.2022

Nifty last closing 17276. D to D basis down -28.30 points.

Friday opening time low was 17219 < day’s low> i.e. 5 dma support & then High 17380, whipsawed above 20dma 17355 but failed to cross trend line hurdle 17380 then corrected further low 17246 & closed at 17276. Nifty formed Inverted Hammer with long upper tail kind of pattern formation on the daily charts.

Last 3 days consecutive basis directionless narrow range movements mainly in between 17500 to 17200 but volatility will continue with ongoing Geo-political tensions & domestically ongoing Assembly polls and as coming week is Feb Monthly expiry so trending move should be seen.

Coming expected range mainly 17000 to 17500. Immediate support is placed at around 17150 levels.

Source : Eureka

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