Nifty may rally to 17500-17780; Here’s how to play Nifty and Bank Nifty this week

Nifty witnessed a sharp correction in the last two weeks along with some short rollovers from the January series. Uncertainties in the global market along with higher volatility ahead of the Union Budget 2022 have kept the index quite turbulent in the last couple of weeks.

However, the index took support around 78.6% retracement level, which is placed around 16825, in last week and rebounded piercingly. FIIs have been sharp sellers of equities in January. While their Long Short Ratio in index future has reached 28%, which is the lowest since May 2020. Overall, FIIs took short bets ahead of the budget. At the same time, DIIs are continuously pumping money in our markets and helping the index to find its ground. 

Nifty Future 17500 to act as resistance for Nifty

Nifty finds support around 17000 while 17500 will act as resistance on the upside. Bank Nifty finds support around 37450 while 38750 will act as resistance.

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