Weekly Tech view of Nifty Spot_ 14.03.2022

By a staff reporter:

This Friday after a monotonous range bound move specially in between 16700 to 16500 Nifty finally settled at 16630. Week to Week basis Nifty up by +385 points or +2.37% generated a strong bullish green engulfing candle after 4 consecutive negative candles. Nifty gave a complete “V” shaped move in last 6 trading sessions of the 1st 2 weeks of this current month.

Consecutive basis 3 days correction from almost 16800 to 15700 i.e. 1100 points. Then 1 Doji, correction halted before our pre-expected support area ( 15650 to 15550 range ), low made at 15671 & then in next 3 consecutive days (8-9 & 10th ) rapid recovery , printed High at 16757 erased almost full losses but failed to cross 20 DMA 16800 crucial barrier.

Coming week is a truncated 4 days week. Traders will closely watch on the inflation data, Geo-Political situations, oil prices, FII figs and the outcome of the US Fed Reserve meeting during the week.

Technically, Nifty closed just above 50 WMA i.e. 16600 instant support but that defended by crucial 9 DMA i.e. 16400 & 5 DMA almost 16300. Upper side restricted by 20 DMA i.e. 16777/800 & mainly 200DMA 16950/ 17000 mark.

On the Up side :- Once Nifty manages to close above 16800/850 mark then only chances of a next phase of bouncing possible that may move towards 16950-17000. Extended break out hurdles are 17222—17340.

On the down side :- Below 16500 1st down side slab at 16440-16400, If breaches 16400 then Break down supports are 16290 to 16160. Extended basis major support 15990. That should not break otherwise chances are there to test further 15671.

As current trend is still down so for Nifty’s concern focus mainly on dips & cautious at higher ends.

As per Option Data expected trading range for the coming sessions 16200 to 17000 zone.

The Volatility Index {VIX} fell -2.61 points or -9.34% W to W basis.

Closed at 25.34 from 28. Fear Index support area 24-22.

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Source : Eureka

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