banknifty trading below 50/100/200EMA

10 มี.ค. 2022

Banknifty continues to trade well below 50/100/200EMAs. How long before we see it bounce above these indicators, and sustain? Banknifty quickly lost ground after a massive gap up. The expectations of a truce and solution to ukraine issue didnt materialise. Global supply chain concerns around oil and commodities remain and it remains to be seen if the crude sustains the drop. Market will remain nervous and choppy and unpredictable till vix stays above 25. FII's sold quite little by comparison and yet the gap up couldnt be sustained shows how fickle the recovery is. Good news can certainly add strength. Till then pure retail lead momentum will be hard to sustain. Any gap donw from todays close (gap down is expected tomorrow), would only add to weakness. Markets could consolidate before news based breakout or breakdown. PCR remains oversold. CPR is relatively narrow and a trending market could be expected tomorrow. What do you think?