Hi All,
As mentioned in the Budget day post,
Markets were expecting a rate cut for more than a month now, and has given the
upward move based on it. So as per the law of Buy the rumour sell the fact,
markets expected to fall once the actual news is announced, and the same
happened yesterday where markets tanked by more than 150 points.
While falling yesterday, Nifty also gave 2
bearish patterns, Falling Wedge breakout (Please find the image) and an Evening
Star on daily along with a Hanging Man on Weekly charts.
However, the bearishness can only be
continued if Nifty breaks the recent swing low of 7580-70 levels, below which
Nifty can target close to 7400 levels based on Wedge pattern.
We will wait for further confirmations for
taking any specific trade in Nifty....
Levels to watch out for –
Supports – 7570-7510-7470-7400
Resistances – 7650-7700-7740-7785-7800
Cheers
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