As anticipated, Nifty failed to hold the strength

Today, 23rd March, at the time of this writing, Nifty has just crashed being 2.7% down for the day. After opening at 290 points lower, the slide continued upon receiving fresh bad news from the war front. Nifty found some intraday support at 23470 and now trading around 23630 after a sharp bounce from that lower level.

The MHAF chart which formed an inside bar type shape yesterday showing lack of strength in the up move, is now forming a massively strong down candle with long red body and upper wick. There is no point in predicting any support because no imminent strength is visible on this MHAF chart (the bottom part in the above picture).

We continue to hold out hypothetical short futures position opened at 23250, however, because the market fell so much today, the SL had to be moved upwards according to the spreadsheet above. Currently we need to get out with a loss if today Nifty reaches 25625 which is highly unlikely. By the close of today we need to bring this SL towards 23220 locking some sure profit. Our unrealized profit from this particular trade at present is standing at 650 points, equivalent to Rs 1,69,000 with 260 lots.