Nifty has close at Day high after making Big Gap Up, Reversal?
Hey Guys,
Today (26th March 2021) market has made huge Gap Up Opening
and later throughout the day it was able to hold the market and
close around Days High.
Is Reversal being made?
Technically it is something called 'Bullish Kicker' Pattern and
supposed to have completed the Reversal.
But there is some major challenge in the overall market.
Out of all the sectorial analysis when we do, there are only
2-3 sectors looking stronger and rest are bit weaker.
The sectors looking strong are - Metals, IT and Consumption.
Rest of the sectors are not showing any strength. It looks
like we have sectorial churning of stocks and this may continue
for sometime.
Secondly, we are currently trading below 20dma and 50 dma.
Which clearly means that the Short term and the Medium term
trend is currently negative and we have seen that recently at
14850, 50 dma was rejected by the price and we saw market
again test new lows.
Now 14300 is very important support as we have:
1) Fibonacci (0.618) retracement from the pre budget rally price
2) Fibonacci (0.236) retracement from the 10800 level (after that
market has moved nonstop on the uptrend
3) Gap Support
From past 2 days FII figures have been on the selling side with
more than 4000+ Crore sold within 3 trading sessions.
Bond Yield is again at the verge of bouncing back towards 1.7%
USD / INR is in sideways and bouncing back as Dollar gaining strength
And most importantly VIX is creating huge panic selling again and
again.
All the above factors suggest that market may be more in 'Sell on Rallies'
mode.
Our next major support may come around 14000 and if we cannot
sustain this level, the next major support would come around 13600,
which also happen to be the Pre-Budget price and 0.386 retracement
for the rally from 10800.
And the major resistance now would come around 14750-14800.
So watch out for these levels and take trade accordingly. Thank you
For reading my opinion. Watch my youtube video where I have
Explained about the same in detail. (#crazymoneywithsree)
Today (26th March 2021) market has made huge Gap Up Opening
and later throughout the day it was able to hold the market and
close around Days High.
Is Reversal being made?
Technically it is something called 'Bullish Kicker' Pattern and
supposed to have completed the Reversal.
But there is some major challenge in the overall market.
Out of all the sectorial analysis when we do, there are only
2-3 sectors looking stronger and rest are bit weaker.
The sectors looking strong are - Metals, IT and Consumption.
Rest of the sectors are not showing any strength. It looks
like we have sectorial churning of stocks and this may continue
for sometime.
Secondly, we are currently trading below 20dma and 50 dma.
Which clearly means that the Short term and the Medium term
trend is currently negative and we have seen that recently at
14850, 50 dma was rejected by the price and we saw market
again test new lows.
Now 14300 is very important support as we have:
1) Fibonacci (0.618) retracement from the pre budget rally price
2) Fibonacci (0.236) retracement from the 10800 level (after that
market has moved nonstop on the uptrend
3) Gap Support
From past 2 days FII figures have been on the selling side with
more than 4000+ Crore sold within 3 trading sessions.
Bond Yield is again at the verge of bouncing back towards 1.7%
USD / INR is in sideways and bouncing back as Dollar gaining strength
And most importantly VIX is creating huge panic selling again and
again.
All the above factors suggest that market may be more in 'Sell on Rallies'
mode.
Our next major support may come around 14000 and if we cannot
sustain this level, the next major support would come around 13600,
which also happen to be the Pre-Budget price and 0.386 retracement
for the rally from 10800.
And the major resistance now would come around 14750-14800.
So watch out for these levels and take trade accordingly. Thank you
For reading my opinion. Watch my youtube video where I have
Explained about the same in detail. (#crazymoneywithsree)