#nifty50 Lowest weekly close in 27weeks. Can 50EMA hold ?
On daily charts, nifty is trading below 50/100/200EMAs. On weekly charts it made a huge bearish red candle and closed below levels not seen in 27weeks. On the positive side, it is yet to breach the 50EMA on the weekly charts. Vix dropped to 26.74 but still remains high. We witnessed a dramatic pullback on friday despite net selling by the institutions(152cr net sold). Which means the rally was bought into & driven by retail investors, who else? With crude correcting from near 100$ levels and fears of large scale war subsiding, there is some sense of calm. But the real fears of inflation and growth remain which could dampen any bullish sentiments. Unless 200EMA is broken and levels above it sustained this week, we should brace for some more correction. News could drive action for few more days. What do you think?
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