NIFTY - BULLS LAST DEFENCE, BEARS ON OFFENCE

25 de jan. de 2022

Nifty the fall is sharper, wounds deeper. Bears assert all their might now that the new year (Jan) euphoria is behind. Reality strikes all over and the bulls run for cover. The fall has been much against our expectations in terms of timing. This pushes the bigger worries ahead as most of the index punches bearish count and many areas of individual spaces print bearish patterns. The real flag is buyers have luxury of waiting to pick their choices, it is sellers who have to pick the level to sell. 16800 on weekly close basis marks the double top and invites deeper move towards the 15300-500 zone. For near term 16800 remains support above that 16950. Supply kicks in all the way till 17400. Bears safe below the 17600 area. For the day day reckon 16680-17280 to work ideally. Be prepared for more volatility as tomorrow is holiday followed by weekly expiry there can be reluctance to push deeper either side.