Nifty Today: “It’s not going to be easy” - 02 Mar’22


Nifty View: Nifty loses 180 points in today's session to post a close at 16,613. We did notice some bounce back in the final hour of the day's trade which led to a "Spinning Top" candlestick pattern on the daily chart. There is no structural change to the overall market, which is still in a downtrend trend with momentum support. An extension of today's last hour buying can see an extension towards a retest of the immediate resistances of (16,800-17,000). As long as this 200 point zone is not taken out on the upside, expect selling pressure to persist.

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