NIFTY found support in zone of 21,800-21,850 which was an important support as we discussed in WEDNESDAY’S EOD UPDATE.
I posted clearly that dispite supports been broken and TIME CYCLES giving a BEARISH crossover downside move for NIFTY would not be straight forward atleast not until spot maintains above 21,800.
going forward that level of 21,800 would hold a meaningful significance.
for short term dispite todays upside nothing changes materially.
NIFTY upsides are likely to capped under the zone of 22300-22600 for entire month of MARCH.
during last 6 weeks INDICES have largely consolidated.
Infact returns on 2 month basis for NIFTY is less then 2%.
that actually shows loss of MOMENTUM on larger TIME FRAME.
february wasn’t really a trending month for NIFTY expecting MARCH to square that off.
this should be an intresting month.
for extreme short term because TOMORROW is a special session it’s going to be slightly complicated.
main reason would be,
what you buy today and tomorrow is not allowed to sell on MONDAY so for us critical day from here would be on TUESDAY.
NIFTY still falls in sideways category of TREND as of now but NIFTY BANK is certainly week as we have discussed earlier.
here we would still expect a break of JANUARY LOW in coming days.https://ganninsides.com/2024/02/28/nifty-eod-update-for-28-02-2024/
gann,insides 