Pre-Open Daily Tech view of Nifty Spot for 31.03.2022

By a staff reporter:

8 days long consolidation in between 17000 to 17450 broke.

Yesterday Nifty gave an another Gap up Opening as expectation at 17468 and Low 17387 then slowly inching up High made at 17522, facing Strong barrier at 17520/525 closed at 17498. Day to day basis up by 173 points.

Nifty technically formed small-bodied positive candle ahead of March expiry with a Gap in between 17344 to 17388 but seems to be indicating some kind of indecisiveness among bulls and bears after 3 consecutive reverse rally. But RSI (relative strength index) 61+ as per Daily chart continues to remain bullish, indicating sustained strength. Bulls aim to test 17600-17700+ shortly subject to hold 17200.

On the upside :- 1st Resistances :- 17524 & above that 17555. Major 17608. < Intraday basis cautious area for bulls >. If only stays above 17608 then only extended basis swing barriers are 17666—17691.

On the Down side:- Below 17440 1st support at 17416/387. If it breaches 17387 further then down side move towards 17333. Swing basis Major support 17260 & 17200.

Options data also indicates the range 17250 to 17700 from 17000 to 17500.

India VIX was down by 3.24% to 20.61 levels. The further fall in volatility also supported the bulls.

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Source : Eureka

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