#nifty bearish engulfing, 16k to be tested

3 Mar 2022

Nifty made a big red candle, bearish engulfing setup - confirming the deteriorating chart. PCR is 0.55, VIX is 28.155 remains very high and volatility and nervousness continues. In the basense of comfort on the ukraine situation , high inflation, lower GDP and skyrocketing crude oil--it is unlikely to see any big pullback even though PCR contra indicates a pullback. Charts indicate a followup red candle which could take nifty closer to 16k or lower. What do you think?