banknifty Some more correction?

31 Mar 2022

Banknifty made a red candle though it closed above yesterdays level. It took resistance at 100EMA-while trading above 50/200EMAs so the chart is still not clearly into a bullish trend. Some more downside correction may be coming as it made a red candle despite some heavy buying by FII 3088cr and DII 1145cr total net buying of 4234cr. CPR is narrow so we could have a trending day. Year end behind the FII/DII, means that they dont have the pressure to constinue buying to manage their year close numbers. Crude has fallen to 108USD but yet to go to comfortable levels below 80. Yet to see a resolution to ukraine crisis as well. So some more sideways or downward market could be the seen till situation is clear and VIX sits below 20. What do you think?