Nifty Today: “Karlo Reham, Thoda karlo Reham” - 07 Mar’22

Mar 7, 2022


Nifty View: The underlying downtrend extends further with today's +300 points negative move from the Nifty index. It could have been worse, but the index managed a decent bounce back from its intraday low of 15,711. The trend is down, and the selling momentum has picked up, but taking a closer look at today's correction suggests that there is a possibility of a shallow short-term bounce back in the next couple of trading sessions. No signs that the selling is over and we have a bottom in place, definitely no such signs on the charts as of now. But one can expect a short-term bounce back from the price momentum divergences, which we notice in a couple of time frames. These are not easy markets to trade, and so one should be very careful and focus more on risk management rather than chasing profits.

Thank you for following my work and please feel free to share your thoughts and suggestions.      
 
Trade Well. Trade Wise.