Rebound from support for Nifty but we are not out of danger yet

2022年2月22日

Nifty after opening gap down got a good support around 16843 and ended around 0.67% in negative at 17092. Resistances on upper side are at 17124, 17353 before it reaches major resistance of 50 days EMA at 17445. On the lower side today’s low 16843 is a great support. Below 16843 the major supports will be near 16721 which is 200 days EMA and 16419. If Nifty goes below 16419 which is less likely but there can be major selling in case of further escalation of tensions between Russia, Ukraine and other EU nations in addition to US. In worst case scenario Nifty can test a major support near 15437. This will be only in worst case scenario. As of now Nifty closing above 17050 is a good sign.