Pre-open daily Tech view of Nifty Spot_24.03.2022

By a staff reporter:

Yesterday Nifty initially after Gap Up opening at 17405 climbed up to 17442 levels but failed to hold that bullish momentum, whipsawed there . Correction started & continued through out the day amid volatility. More correction after breaking 100DMA 17350 and hit a day's low of 17199 and finally settled at 17245, down by 70 points. The index has formed a bearish candle on the daily charts.

On the upper hand Nifty restricted by 100dma i.e. at 17350 & Band upper edge hurdle around 17450/500 but downside to be prevented initially by 50-DMA lying at 17200 mark and if it breaches then finally further 200DMA roughly 17000 to 16900 < 30DMA>.

However, the pattern of the last four sessions signals formation of alternative candle pattern of positive and negative, which indicates a range bound move in between 17400/500 to 17100/17000 levels.

On the downside:-
For Swing basis negative below 17244 for a move towards 17200 & then 17170 & 17125. Strong support 17077--17030. Should hold 17030 mark. Any reasonable dips should be opportunity to buy.

On the upside:-
Bulls will get active above 17275 for a move towards 17310/333. Major 17350-17375. Strong hurdle to cross 17400-442.

The option table data indicates decent support at 17000 and reasonable resistance at 17500.

India VIX rose by 2.81% to 24.75 levels.

For Opening DP and Trading account, Mutual Fund Investments and Two/Four Wheeler Insurance Renewal, please contact 9836000699

#sharemarket #financialmarket #opentrading #opendemataccount #opendemat #sharemarket #insurance #insurancebroker #insurancebroker #trading #Buyback #IPO #mutualfunds #mutualfundinvestment

 

Exclusive for ANM News Viewers - ANM's Financial & Insurance Related News - To join our group please visit https://www.facebook.com/groups/668263891032421

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.