NIFTY post budget 2021
NIFTY FEB- The fall has been retraced to 61.8% whereas Bank Nifty has crossed the recent high and Jan-March 20. Earlier relatively Bank Nifty Under performed to Nifty. It could be now Nifty under performed Bank Nifty.
NIFTY FEB sustain above the open and above 14398 to cross 61.8% level. If that happen then expect rise towards the 52 week peak and historical peak till now of 14798. As a result of the sharp single day rise, market can show intra-day or intra-week correction to 14148-13898. The swing bottom now is at 13666. As log as 13666 is not violated expect market to move higher with volatility for consolidate between 14798 and 13666. Concern will crop up if Friday's low of 13666 is violated. This can create short term serious issue. Broadly the supply zone will 14558-14798. Next- Sustained rise above 14400 and eventually a breakout above 14558-14800 due course of time.
Objective can be to take profits on position at higher level and reduce the exposure of stuck up trading position. Concern and issue if at all seen will be more for trader and margin traders. for investor and passive investor Based point for downside breakdown is 13666
NIFTY FEB sustain above the open and above 14398 to cross 61.8% level. If that happen then expect rise towards the 52 week peak and historical peak till now of 14798. As a result of the sharp single day rise, market can show intra-day or intra-week correction to 14148-13898. The swing bottom now is at 13666. As log as 13666 is not violated expect market to move higher with volatility for consolidate between 14798 and 13666. Concern will crop up if Friday's low of 13666 is violated. This can create short term serious issue. Broadly the supply zone will 14558-14798. Next- Sustained rise above 14400 and eventually a breakout above 14558-14800 due course of time.
Objective can be to take profits on position at higher level and reduce the exposure of stuck up trading position. Concern and issue if at all seen will be more for trader and margin traders. for investor and passive investor Based point for downside breakdown is 13666
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