NIFTY - 200 Dum Aaa

Feb 25, 2022

Nifty bear hug pervades 16860-880 200 DMA broken with ease. Gap down near the 200 DMA is serious and needs larger re-think for the bulls. 16400 solitary support attracted buyers leading to rally 200 points intra-day only to give back near the last one hour towards days low of 16200. 16170 is one good support and incidentally market cues are tad green. However, remember any bounces would remain dead cat bounces. 16600-800 is the new supply zone. Intra-day week end is another factors that would deter position carrying though bears are in a better position. Sell rallies remain the theme. Sell rallies towards 16450 stops 16620. Remember this is not an intra-day view (one can hedge with one week out of the money calls). For the day however, 16170-16380 range to work.