Hi All,
In a roller coaster ride yesterday, Nifty
went down by almost 200 points, however, as expected it took a solid support
near 6800-6850 levels and bounced back sharply and also went in to positive territory,
however managed to close the crucial day of Budget negative by 42 points at 6987....
Nifty gave a sort of a bullish candle yesterday however it does not have
any recognizable pattern on daily charts, on hourly charts though, Nifty
managed to give a Hammer pattern hence yesterday’s low of 6825 will act as
crucial support.
On the lower side 6950-6920-6900-6870-6820
will act as supports for the markets, where as on the upside, 7100-7150-7180-7260
will act as resistances.
After the completion of the event yesterday,
the Volatility is expected to cool off a bit, and can find supports near 17%
(Currently trading at 20.16%)
For any meaningful upside, Nifty has to
first cross the high of yesterday i.e. 7095-7100 convincingly.
There were news that RBI might come out
with a surprise rate cut in couple of days, and if that happens can be a
positive news for the markets.
On the Daily line chart Nifty has not yet given
a lower close, and a close below 6970 will have negative implications for
markets with final supports near 6800-6820 levels.
Cheers
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