The Nifty defended the 200-day moving average (DMA) and the lowest point of the range yesterday on March 28, 2022. The range was 17,600 and the lowest point yesterday was 17,300. Right from that point, it bounced back.

The higher end of this range has been 17,442. Anecdotally, if one defends one end of the range, one may move towards the other end of the range.

Also Read:

Trade setup for March 29: Can Nifty50 hold 17,200 for now? Check out market cues, key technical signals, important levels to track

Market traps you on one side and then makes the move on the other side. Can it happen that today, after the first hour, the market traps you on the long side?

If the market has to breakout, this is the time for it to breakout. The issue is that, the foreign institutional investors (FIIs) have covered a lot of short positions on March 28. So there is not too much buying happening in the cash market but there is a lot of covering happening in the index futures.

Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.

Catch all stock market updates here