Nifty- Nervous rally is deceptive

8 במרץ 2022

Nifty made a frantic cover of shorts in the closing hours today. Global cues remained worrisome with crude expected to go through the roof unless ukraine issue gets resolved and restrictions on Russia are lifted soon. Some gap was covered but 16011 remains a critical level to watch. below it will indicate more weakness till 14415 and above it 16200-250 will be a tough level to breach--unless there is good news to back. Economy wise the world is getting into deeper issues which certainly threatens the indian economy quite badly. Today it reflected in FII selling 8143cr and still we managed a green candle. Such cover will be tough to sustain and SGX nifty is already indicating a wide gap down tomorrow. What do you think?