Market ended rangebound session flat with a
negative bias on Monday as investors turned cautious ahead of the Union
Budget on February 1. The market fell for first time in last five consecutive
sessions, partly due to weak global cues. The Sensex lost 32 points to
close at 27849. While the Nifty ended below the 8650-mark at 8632, Intra-day,
it traded between 8617 and 8662. Markets are a little wary of what lies in the
budget and have probably have rallied too far on the assumption that some good
is in the offing.
8500-8555 has become a support for the Nifty now. We
are expecting Nifty to touch 8750 in the extreme short term and hit 8900 in the
medium term. A correction is likely thereafter. Nifty break above 8665
then it will increase the strong bullish pattern breakout, which will take the
indices up towards 8700/8750. A strong break (close) below 8600 will
increase the downside pressure and drag it to 8600, 8550. Traders can go short
on a break below 8550 with a stop-loss at 8665 for the target of 8450.
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Supports: 8600 and 8555
Resistances: 8665 and 8755
can't agree more with u ...nifty will stay in range of 8550 and 8750...nice blog
ReplyDeleteif i buy nifty future from 8620 will it go beyond 8700 post or during budget?
ReplyDeleteWe are expecting Nifty to touch 8700 in the extreme short term and hit 8750 in the medium term. A correction is likely thereafter. for Budget session 1 strategy we have given to check that plz visit OPTION STRATEGY
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