Nifty Today: “Ala re Ala, Bounce back Ala” - 08 Mar’22

 Nifty View: Finally, some bounce back to cheer the bulls in today's trading session. The Nifty index gained 139 points to post a close at 16,012. We were anticipating this move, and it's good to realise that the index is behaving precisely in that manner. As we advance, we can expect an extension of today's rally for a retest of (16,150-16,250), which are the short term resistance levels. On the downside, today's low at 15,676 will act as the immediate support, especially because today's price behaviour on the daily charts led to an "outside bar".

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