Nifty Consolidation last week-Going to 17670 if gap up sustains?

27 במרץ 2022

Previous 6 trading sessions were consolidation moves around the 17200level. It has consolidated above 50/100/200EMA levels. CPR is narrow so a trending day is expected. So a breakout above this level will take nifty to 17670. Crude has again gone up to 120USD levels and ukraine issue remains unresolved, both could be bad news for the market. Also FIIs have sold this month for almost 47,000Cr against 34500cr buying by DIIs. It may be tough for market to go up under such selling pressures. Breakdown from here will take market to 17080/16800 support levels. What do you think?