No doubt that market will be highly volatile ahead of Budget
Summary
1) As of now you can see that Nifty is trading in one particular (white) channel in which it had given a breakout in past and made an ATH of 18604.45
Channel width is 1,566 points.
2) In the chart there are 3 EMA's 10 is red, 20 is green, 50 is blue.
3) There is also a Red channel which has a width of 430 points which given a breakdown and achieved the target easily in 3 trading sessions.
4) Biggest technical support of Nifty is the channel line in which it is trading and Physcological support, for now, is 17K closing basis.
5) On a daily timeframe nifty is weak. Reason- 10 EMA given a negative divergence and crossed 20 and 50 Ema.
On the other side, Bannifty is very strong and has seen very good buying volumes in all banking stocks.
6) Nifty IT is oversold and expecting some recovery in it and Banknifty is so strong that it can also pull nifty up.
7) This view will fail if nifty gives 2 consecutive below the channel. Till that time Nifty is buy on dips and ready to make a new ATH.
Note: Please don't create postions according to this view. This is just aview trade on levels.
Summary
1) As of now you can see that Nifty is trading in one particular (white) channel in which it had given a breakout in past and made an ATH of 18604.45
Channel width is 1,566 points.
2) In the chart there are 3 EMA's 10 is red, 20 is green, 50 is blue.
3) There is also a Red channel which has a width of 430 points which given a breakdown and achieved the target easily in 3 trading sessions.
4) Biggest technical support of Nifty is the channel line in which it is trading and Physcological support, for now, is 17K closing basis.
5) On a daily timeframe nifty is weak. Reason- 10 EMA given a negative divergence and crossed 20 and 50 Ema.
On the other side, Bannifty is very strong and has seen very good buying volumes in all banking stocks.
6) Nifty IT is oversold and expecting some recovery in it and Banknifty is so strong that it can also pull nifty up.
7) This view will fail if nifty gives 2 consecutive below the channel. Till that time Nifty is buy on dips and ready to make a new ATH.
Note: Please don't create postions according to this view. This is just aview trade on levels.