Witnessing the 1st day of the Series, its for sure that this month will b quite eventful. [:)]
Any waz for Monday, 2nd March, My SMR indicator says a DownFall. but the Nifty is trapped between 2 Retracement levels. Upper Edge is 38.2% of previous fall (2252--3156) & Lower range is 50% retracement of the same range. but the biggest support lies at 2644 which is the last leg retracement support for NIFTY.
one of the support is 2704 and exact 50% retracement level. but what i saw was a HANGING MAN on Friday closing. a hanging man after a green day is most probably signal of a coming downfall. also it has come just above this retracement level. and a weak opening on Monday might open the gateways for the big dwnfall.
But, still i have a big hope for bulls, the 2644 level. unless broken, they will surely come again to test the above said support, which will become a resistance till then. with EMAs getting closer to the Nifty Values now a days, i m expecting this consolidation to come to an end very soon.
So, all in all, for Monday, i m expecting a range bound session or a red session as per my theories
Lets wait and watch the Nifty Dance.
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