ipuneet

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
high,
I feel, it will be safe to sit on fences, and wait patiently for some meaningful short-covering to initiate.





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Thank you
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Completely Agree with you. Bet on defensive stocks at current moment.
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