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Nifty

With weak global cues and hawkish stance of major global central banks & rising Omicron cases, along with surprise rate hike by Bank of England dented market sentiment,led Indian market fell sharply to hit nearly two-week low.Sensex plunged 889.40 points close at 57,012, while the Nifty 50 has breached the crucial 17,000 mark, falling 263 points or 16,985 and formed a large bearish candle on the daily charts. The index lost 3 percent during the week and saw bearish candle formation on the weekly scale. Weekly charts a strong bearish candle is registered hinting that Nifty might have resumed a downswing after a brief consolidation with positive candles of preceding two weeks.if Nifty registers a close below 16,900 levels then the recent corrective swing low of 16,782 can come under threat by opening up more downsides. Contrary to this if Nifty manages to defend 16,900 levels on a closing basis then the near term trend shall remain sideways with upsides capped around 17,300 levels.

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