Nifty Today: “Karlo Reham, Thoda karlo Reham” - 07 Mar’22


Nifty View: The underlying downtrend extends further with today's +300 points negative move from the Nifty index. It could have been worse, but the index managed a decent bounce back from its intraday low of 15,711. The trend is down, and the selling momentum has picked up, but taking a closer look at today's correction suggests that there is a possibility of a shallow short-term bounce back in the next couple of trading sessions. No signs that the selling is over and we have a bottom in place, definitely no such signs on the charts as of now. But one can expect a short-term bounce back from the price momentum divergences, which we notice in a couple of time frames. These are not easy markets to trade, and so one should be very careful and focus more on risk management rather than chasing profits.

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