This rally may push Nifty towards 17500-17900

17 mar 2022

There is no doubt some bullish tone is set in the markets and we are seeing clear signs of more upmove from here. Simply considering this bounce as a-b-c, and a=c (based on Elliot Wave theory) Nifty can test targets of 17500 in coming days or maybe today itself (who knows). This being the last trading day of the truncated trading weak will add to short-covering as traders would prefer to go light. Though some selling/profit booking may come in the second half. Overall there are several questions that need answers. 1) What are the technical scenarios for the market? Are we done with the correction or there is more to come? 2) How the fed rate hikes through the year with a total hike up to 200 bps in the calendar year is going to affect the markets 3) What kind of medium-term impact will we see due to the geopolitical conflict?
Will try to update my thinking on these points during the weekend. Happy trading!