Nifty Analysis 28 Mar 2022

On 28 Mar 2022, Nifty opened up with a small gap on a positive note. After opening, Nifty saw a strong selling near 17200 levels and dragged down. Nifty dropped down to 17000 level breaking previous day low of 17076.

17000 acted as a strong support and bulls jumped in driving Nifty into a positive territory. Today’s close is near today high i.e 17222 ( 17235 high) is a sign of bullishness.

Nifty will remain in consolidation phase until it breaks the levels of 17350-17000 on either side. Breaking the levels on either side will lead to a good rally upto 17600-800 on upside and 16800-16600 towards downside.

Option data and Future data is positive, PCR is at 0.939 which is also a comfortable level for markets to go upward.

For 29 Mar 2022, Nifty may test 17300-340 levels if sustain above 17235.