The Nifty took that vital support (for now) per the last analysis (link provided - refer: Nifty Swiftly issued on Jan 23rd, 2022) and is now presenting a rebound of sorts. We try to decode the move and present the Technical Analysis - executive summary for you here.
Analysis framework and tools of choice : Bollinger band analysis, technical support levels, fibonacci analysis
Executive Technical Summary: Nifty fell but took support at crucial 16,900-17000 levels presented by weekly bollinger lower-band, supertrend and weekly technical value zone (13-26 EMAs). The Nifty then got pulled within the hourly bollinger band and is now presenting the fibonacci (fib.) retracement to fib. levels - 23.6% (17,320), 38.2% (17,510) and 50% (17,670) levels - as marked in the charts.
Takeaway: These fib. levels can be used for short term nifty targets with good risk management in place.
Disclaimer: The presented analysis is for analysis and educational purposes only and doesn't tantamount to investment advice.