Nifty: Looks weaker and still more downside left

22 mars 2021

With a doji to finish the day after a bullish reversal last week, Nifty looks a little weak - looks like Nifty is waiting for global cues searching for a direction. Going by the trend lines, it appears that Nifty can go below 14400 and reach 14210 levels as well. View is neutral at the moment as there is a reasonable correction that has already come in. RSI also looks much weaker compared to the chart. Any dip below 14500 - one can go short in Nifty till 14400, and anything below 14400 will take Nifty to 14210 levels, from where Nifty is likely to bounce back to ATH levels