After the market was pushed into some directionless we witnessed a rather aggressive decline towards the end of expiry. Since the middle of the month the bearish forces took advantage of this opportunity. Since February the rebound from support levels re-ignited some hope. However, the sustained decline at higher levels kept nullifying these hopes leading to a spineless decline. Despite some bleak emergence of bullishness, it only turned out to be an invitation to go short. Overseas winds continue to blow hot and cold thus dictating the domestic trends.
We observed that the strong set of supports on the Daily charts of Nifty have been decisively given away. While an attempt to recover will definitely be attempted, however the trends remain sharply under pressure. Hence, we reckon to use the rally to emerge in the next few days would continue to witness supply. The key level to watch out for on the downside is 13500 at the moment if Thursdays low is given away.
We observed that the strong set of supports on the Daily charts of Nifty have been decisively given away. While an attempt to recover will definitely be attempted, however the trends remain sharply under pressure. Hence, we reckon to use the rally to emerge in the next few days would continue to witness supply. The key level to watch out for on the downside is 13500 at the moment if Thursdays low is given away.