Hi All,
As expected, Nifty conformed a post Budget
Rally yesterday by rising almost 250 points (200 above 25th Feb
close) and closing strongly above 7200.
Going forward, it is expected to go further
up as the SGX Nifty is already positive by 100+ points.
Levels to watch out for on the upside will
be 7280-7320.... Nifty is expected to open above 7280 mark, which means
7320-7370 will be the key areas to watch for.
On the lower side supports are intact near 7150-7120-6970-6950-6920-6900-6870-6820
With this tremendous upside in
these two days, if today’s gains are held throughout the day, one can conclude
that a short term bottom is in place and Nifty will battle out higher
resistances near 7520-7640-7700.
Bias for the markets will remain
bullish, unless any negative pattern is developed on daily / intraday charts.
Later update.....
Nifty opened higher by 100 points and
touched the level of 7350, however for this rally to continue, it is very
crucial to hold these gains for the day and close strongly in the positive
territory...
Cheers
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