Nifty Positional View Daily TF
Updated
On a Daily TF interesting swings have happened during the March month and volatility was huge which was witnessed during the month end expiry
Typical M top pattern formation and the same is valid
Though the closing was above the 14461 looks like some covering happened at last moment
Buying seen during past two months were as not prominent as the selling pressure is clearly visible in the Daily TF where sellers are looking to dominate with good volumes
Nifty has breached all the 9/21/30/50 EMA
50EMA acting as resistance
Nifty if breaks the Gap zone marked in Yellow can touch 100day EMA ~14k
Overall long term bullish we may see some corrections happening in Nifty till 14000
wait for the right time to buy
Typical M top pattern formation and the same is valid
Though the closing was above the 14461 looks like some covering happened at last moment
Buying seen during past two months were as not prominent as the selling pressure is clearly visible in the Daily TF where sellers are looking to dominate with good volumes
Nifty has breached all the 9/21/30/50 EMA
50EMA acting as resistance
Nifty if breaks the Gap zone marked in Yellow can touch 100day EMA ~14k
Overall long term bullish we may see some corrections happening in Nifty till 14000
wait for the right time to buy
Note
Nifty at crucial levels 14191/- any close below the marked area can lead to good fallBuy only Quality stocks
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