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