[Premium] March Monthly Candles

The Nifty 50 is finally breaking out of its consolidation, continuing it's long-term trend to the upside. If prices are above 11,165, the bias is higher.

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Same goes for the Nifty 100. As long as prices are above 11,220, the bias is higher toward 12,640.

Midcaps are at 7-month highs and action is improving. No reason to be short based on current price action.

Smallcaps are at 6-month highs and attempting to clear the downtrend line from the 2018 highs. No reason to be short, as there's potential upside toward 7,330.

Financial Services are leading this rally, closing at new all-time highs.

HDFC Bank made new all-time closing highs and is resuming its uptrend.

ICICI Bank as well. Next target 535 as long as prices are above 355.

The Nifty Commodities Index is testing a confluence of resistance near 3,610. After February's hammer candle and March's upside follow-through, we can't be short. A breakout to the upside seems possible after some consolidation.

IT continues to base above 15,090. No reason to be short, but we want to see this make new highs and confirm a resolution of its uptrend.

Same for Consumer Goods. We need to see a close above 30,680 to confirm it's ready to move higher.

Rotation into Energy continues. We want to continue being long this sector over the long-term.

The Nifty Infrastructure is at 6-month highs. If prices are above 2,985, the bias is higher toward 3,435.

Pharma is at 4-month highs after February's reversal candle saw upside follow-through. The bias is higher toward 10,300.

Nifty Metal is seeing upside follow-through after failing to close below support near 2,840. The bias remains higher until now.

State Bank of India looks ready to test all-time highs once again. A successful breakout seems likely given the many bottoming patterns that are completing across the Public Sector banks.

The Nifty Realty Index has broken out. Above 215, the bias is higher toward 292 and potentially 372 over the long-term.

This rally is being led by DLF Limited, which held 160 and is now at 6-month highs. The bias remains higher toward 295.

The Gold breakout is on hold after February's doji saw downside follow-through.

Same with Silver, that's back below its long-term downtrend line. More time is clearly needed before this can move higher.

The 4 Rupee pairs we cover are a hot mess, but the Euro looks the weakest of them. If prices are below 81.30, the bias looks lower toward 71.25.

There were a lot of "6-month highs" or longer mentioned in this post, with many of the reversals we saw earlier in the year getting upside follow-through since. There were also a lot of candles that opened at the lows and closed at the highs, which is not bearish.

This means we have little reason to be short from a structural perspective, but should use the lower timeframes to achieve more attractive entries on the long side within the context of these longer-term uptrends.

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team