Nifty near 21 day EMALast time, we had suggested a possible short covering rally could come in the market if Nifty goes above 19482.
That is what we saw on 5th morning, when Nifty opened gap up at 19521... made a low of 19487 and then came the short covering rally.
That rally closed the week at 19653 just a tad below 21 day EMA.
& there is a big Political NEWS of Israel war looming ahead of us on Monday morning.
Traders might not have foreseen this coming and there could be adjustments made possibly Monday morning. It would be best to let the market settle first.
There could be cues from price action in Crude Oil prices and Gold prices. If Brent crude goes above 90 then there could be further downside pressure trigger for our markets. If not we might see a bounce back after the initial knee jerk reaction.
Important levels which may act as Support and resistance for the day
Imp levels on the upside: 19720 / 10854 / 19878
Imp levels on the downside 19576 / 19458 / 19333
ONGC could take support at current levels and look for a push possibly towards 200 - 220 in coming days
Take care & safe trading...!!!
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