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Technically, 16,800 is long-term trendline support and a previous demand zone while 200-DMA (daily moving average) is placed around 16,600 level, therefore we can expect a pullback rally from here.

January 27, 2022 / 08:15 AM IST

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The Nifty50 is trying to find its feet near a strong support zone of 16,850-16,600 after a brutal fall. The market was looking much oversold as Put-Call ratio (PCR) slipped below the 0.7-mark and FIIs' long exposure in the index futures dipped below 45 percent, therefore, a bounce back is due.

Technically, 16,800 is long-term trendline support and a previous demand zone while 200-DMA (daily moving average) is placed around 16,600 level, therefore we can expect a pullback rally from here.

On the upside, the 17,500-17,600 area will be the first resistance zone while above 17,800, we will get confidence that the market has reversed and is ready to go higher.