Hi All,
A Post Budget Rally....
As expected in the post dated 26th
Feb, Nifty started its Budget rally soon after the Budget was over yesterday,
now it will be interesting to check whether the same will continue going forward.
As mentioned in the morning update, after
sustaining above the 7090-7100 mark, Nifty rallied smartly towards its next
resistance near 7150-7160.
Going
forward now, a move above 7150 for today will mean some more bullishness for
the markets, with supports near 7130-6970-6950-6920-6900-6870-6820.
Nifty has retraced more than 61.8% of the recent
fall from 7250 to 6820 and the next hurdle also remains at 7160-65 levels
(78.6%)
So in a nutshell, bulls entered at lower levels
today near 7100 (or even lower than that) can once book profits near 7140
levels on a conservative side, or hold the long with a stop loss below the cost
/ the mentioned supports earlier.
Cheers
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