Nifty was at 14500-14700 in mid of January and is still around that mark in mid to end of March 2021.
Nifty at 15000-15200 in first week of February and was at 15000-15200 in start of March.
This clearly shows the markets in a corrective zone for the last 2-3 months.
Nifty has tried making a breakout move above 15200 and breakdown move below 14800 but with no follow up.
The recent downtick has again tested the Budget gap and now that becomes a stoploss for trading longs.
Nifty50 Technical Chart
- Holds on to the trendline.
- Tested the Gap and made a good reversal candle.
- Move beyond 14950-15000 could trigger short covering.
- Major supports remains at 14330-14450 and 13600-13700.
Nifty 500 Technical Chart
- Similar to the Nifty but tested the trendline more closely.
Nifty50 Equal Weight – This clearly shows the Sideways Correction.
- We have started looking at Nifty50 Equal Weight more closely given the highly concentrated structure of the Nifty50.
- This chart clearly shows a sideways correction.
- Finding it tough to break on either side.
- Going forward will be watching for a breakout or breakdown here to confirm the trend.
Nifty Smallcap 100 Chart – Strength from Budget Gap. Stock Specific Action to continue.
- Nifty Smallcap 100 has started outperforming the Nifty since budget and also since November.
- Also has corrected lesser in the current dip.
- Same is the case with the Midcap Indices.
- Can clearly see its quite higher than the Budget Gap.
- This suggests stock specific action could continue in the near future.
- Continue to look at microcaps, smallcaps and midcaps instead of the largecaps.
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