NIFTY MARCH 2023 contract ended with lower top and lower bottom

 Dated 29/03/2023


NIFTY MARCH 2023 contract expired and exhibited lower top and lower bottom formation.


Lower top are marked with T on top of circles.

Lower bottoms are market with B below the low of the circles.

Near term range for Nifty now is 17238 to 16866.

Reversal process can resume if C1 chart and April contact sustains above 17238 on closing.

First it will be a pullback of the fall from Lower top of 17863 to 16866.

In April contract chart, the lower top is at 17330.

April contract closed at 17213 with bullish candle on expiry day of March 2023.

Volume chart to rise in April 2023 contract as it become active. Volume of 29 March 2023 in April 2023 contract is highest therefore low of the same day 17052 will be critical for near term trading perspective. Downside movement and momentum will continue if sustains below open of the day every day and henceforth for near term and below 17052.



The range in April contract is 17330 to 16964.

Breakdown in April 2023 contract will be below 16964 closing therefore expect further downside momentum if fall and close below 16964 is witnessed.

Next directional movement with momentum can be outside the range 17330-16964 on closing basis.



 



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