Daily Market Commentary - March 7, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

On the daily charts, Nifty has given a close at 15,863 ,below its 200 Day EMA which is placed near 16,700 levels. Moreover the structure of the index has already turned negative and has breached an important psychological level of 16,000. On weekly charts too, it has started to trade below its 50 EMA with MACD showing signs of weakness and has begun to move below its centerline.

A relief rally can't be ruled out as index has entered oversold zones.

Going further Nifty has to close above 16,150 for further upside till 16,450 levels whereas on the downside 15,800 should act as immediate support followed by 15,500.

Source : Equity Bulls

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MarketCommentary BonanzaPortfolio Nifty Sensex