Daily Market Commentary - March 8, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

The Index started off with a gap down opening of more than 100 points, created a base and continued its upside move in the later half of the session and thereon closed above important psychological level of 16,000. On the daily charts, Nifty has given a close at 16,013.45, below its 200 Day EMA which is placed near 16,700 levels. Moreover the first signs of base formation with some shorts covering their positions indicating a short term reversal. A relief rally can't be ruled out as index has entered oversold zones. Going further Nifty has to close above 16,200, thereby closing the gap 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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DailyMarketCommentary BonanzaPortfolio Nifty Sensex