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Nifty forms bearish Dark Cloud candle

Watch the 22,313-22,480 zone on Monday; Expect more volatile days ahead; Index formed an open-high candle and closed very near the to the day’s low

Nifty is forming a long-legged doji candle, which confirms the Jan-March quarter topping formations

In any case, if it closes below the zero line, we will see more downside; Better to stay away from fresh and long positions

The Nifty has broken down from the rising wedge pattern on the daily chart, suggesting a potential reversal of the uptrend

Daily MACD histogram shows a dull momentum; The prior week’s low of 22,224 is the nearest support, and 10-wk average of 21,929 is the strong support

It is better not to venture with an aggressive position size, an extreme negative breadth for the last 3 days; Below average volume is a concern

Protect the profits on the table as a negative close after the Doji candle is the confirmation for its bearish implications

The benchmark broke the rising channel support on a closing basis. On an expiry day, intraday sharp moves may occur due to short-covering and...