Hi All,
As expected after breaching 7010mark, Nifty
rallied by almost by half a percentage. Trades who bought Nifty near 7010 can
book profits now near 7045-50 and play safe for the D-Day....
View on Budget –
Not here to share view based on Economic
Facts, however would like to share the historical behaviour of markets Pre and
Post Budget....
Usually a rally before Budget results in to
a muted movement or a sharp decline in markets post the event, whereas, a fall
pre budget results in to a Post Budget rally.
As we all know that there was a significant
amount of decline in markets before the event, one can expect a small / sharp
pull back post the Budget on Monday, however, the same may / may not be a trend
changer and the time and price movements post 29th will decide that,
will keep you posted on the same.
Technically, as mentioned earlier, 6950-6850-6800 (below which 6600-6500 looks
certain) remains crucial supports for bulls and 7095-7120 will be immediate resistances
above which Nifty can rally towards 7200-7250-7340-7500.
Also, on daily charts, though markets did
not create lower low than yesterday, Nifty’s today’s candle looks like a Hammer
pattern, if closes near the current levels (above 7030-7050)
Cheers
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