Description
⋅ NIFTY 50 1D TF forms a double top pattern potentially indicating a fall nearing the monthly expiry of 25 MAR 2021.
Comment
⋅ NIFTY - Parallel BULL Channel is Maintained (unlike in BANK NIFTY).
14,350 to 14,878 - 500+ pts.
For the Bullish channel to maintain, Nifty would have to close the Expiry above 14,491 in my view.
Comment
⋅ BANK NIFTY - 33,578, At a critical juncture. (Beginning to Underperform NIFTY in a big way, could also be a problem for NIFTY, if supports not held)
In a DOWN TREND, as confirmed by MACD Cross over (since 19th FEB).
In my view, the parallel channel has to hold, else Supp-29,687
Comment
⋅ As of 25MAR2021 NIFTY 50 has fallen 224.5 points on the monthly expiry, closing below the 14450 support as depicted by the 1D TF chart.
A movement of 415 points since the idea was posted.
NIFTY 50 CMP @ 14324.