We are not the ones who are worried about the much-talked geopolitical concerns over Russia and Ukraine. These are all the part of markets action and the behavior in the history, those eventually show up on charts.
Now, going by the charts alone, we are not in a hurry to call the bear markets have started. This view remains valid until we see a structural correction across the markets.
Nifty is at the lower channel line closer to 16800. The deepest low that it can go is 16700 or even 16400. The probability of that being seen is very less at this point in time. We do not see any head and shoulder pattern yet to conform to the fall. Above 17600, we are headed towards 18400. The only concern is, we may see some sideways to mid-week expiry volatile.
Bank Nifty is much more clear in the upmove, as it is well above both 20 WMA and 40 WEMA. Unless it is below 36300, it is too early to call the bears that have entered. One or two sessions could be volatile or even small corrections, but the bigger trend still remains bullish. The upside levels 40500 and 42000 are still on cards, only the lower levels at 36300 holds.
Note: The views are in line with the pure chart study, no pre-defined geopolitical factors are considered. Also, we strictly advise not to take any positions just based on the above views. For regular intraday recommendations, you must have our premium subscription.