Nifty cracked further below a major trend line.

NSE:NIFTY   Nifty 50 Index
Nifty is on the verge of giving a medium term -VE signal, on a reliable 9/34 EMA on Index and RSI System.

Otherwise it continued to trade below the major trendline, I've discussed in my y'day's post. Technically, there is nothing to expect a recovery tomorrow. But, we are just four days away from a major event, and markets are oversold.

A little push from global markets clubbed with pre budget anticiations / news flow may trigger a rally.

Barring Banking/Finance, Metals other sectoral indices are not that weak. Nifty has large buildup on short side, PCRs are too low and Vix / IVs are
I feel, it will be safe to sit on fences, and wait patiently for some meaningful short-covering to initiate.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.