Nifty Analysis for 19/03/2021

NSE:NIFTY   Nifty 50 Index
1) The Nifty has reversed from the exact supply zone where its faced resistance multiple times (i.e. 15350-250)
2) Yesterday BN has tried to close the below 50 SMA , but in the end, the price has bounced back and closed the near 50 SMA , and today
(18/3/2021) opened with a gap up and took resistance 14850-90 sharply fell down.
3) The price breached the 38.20% Fib number 14730 and 50 SMA @ 14736 with good volume
4) The price has closed above 50% of Fib number and took support from the same level 14469.
5) After a continuous fall of 6 days (almost 850 points corrected) we may expect a small bounce-back till 14730-14750 and it may fall till level 14297, but subject to global cues.
6) If the GAP of 14470-14336 is filled then we may expect fall till 13597
7) Now the price is standing at make or break level
8) Charts posted here are for educational purpose and not recommended for buy or sell


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