Technical :
NIFTY forms Inverse Cup & Handle Pattern and Completed its downside breakout and retest followed by Diamond Top Pattern in 1 Hour Time Frame for the Target of 16700 and then the next target for Inverse Cup & Handle will be 16330. In my view before March 31st or within April 1st week this target looks Possible. RSI @ 50 not indicating as buying zone, in this case it will go down further. ADX in weak zone while trend was up (below 25)
Economic :
Aramco Jeddah oil Storage Hit, Russia targeting oil & food storages in ukraine which will impact on ukraine's defense and international crude demand. India still importing ural crude from Russia at lower levels. If US,Canada,Qatar and other oil producing nations ready then US & EU import sanctions on Crude Oil also, then it will be difficult to India in importing Crude from Russia. If India imports after sanctions then India will also face sanctions from US & EU. Medium Term NIFTY Target @ 14400/13200/12800
NIFTY forms Inverse Cup & Handle Pattern and Completed its downside breakout and retest followed by Diamond Top Pattern in 1 Hour Time Frame for the Target of 16700 and then the next target for Inverse Cup & Handle will be 16330. In my view before March 31st or within April 1st week this target looks Possible. RSI @ 50 not indicating as buying zone, in this case it will go down further. ADX in weak zone while trend was up (below 25)
Economic :
Aramco Jeddah oil Storage Hit, Russia targeting oil & food storages in ukraine which will impact on ukraine's defense and international crude demand. India still importing ural crude from Russia at lower levels. If US,Canada,Qatar and other oil producing nations ready then US & EU import sanctions on Crude Oil also, then it will be difficult to India in importing Crude from Russia. If India imports after sanctions then India will also face sanctions from US & EU. Medium Term NIFTY Target @ 14400/13200/12800