Nifty Today: “A Confident Close” - 09 Feb’22


Nifty View: The recent bounce back extends further, with the benchmark Nifty index gaining more than 200 points in today's trading session. The intraday charts are improving as the index now deals with the immediate resistance zone of 17,450-17,550. Support from the Banking and Auto sector continues. From now on, the most critical aspect for the rest of this week will be whether it will be able to break out above 17,550 and move back into a short-term uptrend or not. A failure to do so, will bring back selling pressure in the overall market next week. We should not forget that based on the daily timeframe, the underlying trend is still weak, and many sectoral indices are also in a downtrend. So one should not be aggressively bullish in this market condition.

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