Hi All.....
Nifty traded in the range of less than 40 points and have closed above the level of 5850......
We continue with the same bias and and advise trades to trade with strict stop losses as the markets can be uncertain on account of Budget announcement next week.....
5800-5850 would be very good supports on closing basis for Nifty and we can expect lot of volatility with resistance near 5900-5975
Also, a bearish flag breakout (Chart given below) on Nifty hourly charts - this could be an important developments to watch out for bulls....
Hence, today's low of around 5835 and 5800 on a closing basis would be crucial supports for Nifty in the short term....
Happy Trading!!!
Cheers
Hrishi
Nifty traded in the range of less than 40 points and have closed above the level of 5850......
We continue with the same bias and and advise trades to trade with strict stop losses as the markets can be uncertain on account of Budget announcement next week.....
5800-5850 would be very good supports on closing basis for Nifty and we can expect lot of volatility with resistance near 5900-5975
Also, a bearish flag breakout (Chart given below) on Nifty hourly charts - this could be an important developments to watch out for bulls....
Hence, today's low of around 5835 and 5800 on a closing basis would be crucial supports for Nifty in the short term....
Happy Trading!!!
Cheers
Hrishi
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