NIFTY on Budget Day

NIFTY Daily Chart Technical Analysis:


NIFTY behaved very erratic on budget day, and after an initial spike, got dumped and returned to close near its open.

Close & CMP: 5333.25

Market Outlook:

• The index showed no interest in rising back and all the indicators are still pointed downwards.
• Might have a slow day tomorrow considering the large movement today.  Also, investors will remain confused over the actual implications of the budget and so might move in either direction.
• निफ्टी आज शुरुआत में उछला लेकिन दिन के अंत में फिर गिर गया.  कल थोडा धीरा दिन जाने की सम्भावना है.  आज का उतार चढाव यह बता रहा है की मार्केट अभी ऊपर जाने के मूड में नहीं लगता है.  

Technical Indicators

• A long legged doji was formed and the day closed with heavy bearish control.
• The market briefly rose above its previous support at 5415 but then fall back again.
• Current support is at 5227.

NIFTY Daily Chart Technical Analysis

NIFTY Slides Below Support

NIFTY Daily Chart Technical Analysis:

NIFTY had a high-speed slide today and broke below its previous support at 5415.

Close & CMP: 5262

Market Outlook:

• The index has fallen with high power today.  It seems like this could fall even further.  Buy any stock with due caution. 
• Support can be expected at 5227 and then at 5110. 
• निफ्टी आज फिर से गिरा है.  और लग नहीं रहा है की वापिस ऊपर जाने का इसका अभी तुरंत कोई इशारा हो.  संभल के खरीदना. 

Technical Indicators:

• A heavily traded day that ended in a bearish Marabozu, and also created an island reversal type of formation. 
• The momentum has just started going downwards and has some distance to travel before it reaches the overbought levels.  
• All this put together is suggesting more fall; maybe its the anticipation to the upcoming budget.

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NIFTY Daily Chart Technical Analysis