Nifty Spot Weekly Tech view_ 21.03.2022

By a staff reporter:

4 days truncated week closed at 17287. Week to week basis Nifty gained 4% or 656 points.

This was the weekly basis 2nd consecutive massive surging & as per weekly charts another robust bullish vertical candle formation. Within last 2 weeks bulls recovered exact 61.8% retracement hurdle (17333) against the previous almost 7 weeks bear mode & correction from 18350 to 15671. That means against 2680 points fall 1673 points recovery.

2 weeks continuation of maintaining this winning streak led by Stable oil prices, in-line 25 bps hike in interest rate by the US FED and rally in global markets amid easing Geo-political tension. Domestically this rally was also stipulated by FIIs those who are turning net buyers after 10 weeks, ruling party’s winning in 4 states elections and side by side huge short covering.

Technically, 50% retracement level is 17011-16980 i.e. for coming session vital support & that should hold where as 78.6% retracement level is 17777 that will be the next coming hurdle subject to cross 17450 & mainly stable above 17500. Bulls aim to reach 17900 even after crossing 17777.

Though current bullish chart formation showing some more potentially to move further towards even 17900 to 18000 mark but before that some pause, some consolidation and even profit booking cannot be ruled out after such vertical rise. Any dips will be the fresh opportunity to buy.

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Source : Eureka

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