Markets behaviour today was in total range-bound. We saw both buyers and sellers in action. Be cognizant that the last hour selling was quick and appears like a panic sell-off. Sticking to the same view as yesterday, markets are still bearish but also be ready for a sharp recovery. On the higher time frame the pattern looks like a bear flag. Hence trade safe on the both sides.
Please refer to the important supports and resistances on the chart.
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You may use the same support and resistance for 29th March
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Morning price action seemed like a short-covering rally. But we saw prices were struggling to move upwards and price fell drastically. This can be seen as a pure bull trap. Look for more sell on rise set up's with strict stop losses. Happy trading!
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Bank nifty looks bullish which could help nifty to sustain. If prices reaches day high in bank nifty exit all shorts.
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Nifty sustained and rallied as discussed. Monthly expiry has high volatility. Trade safe!