Nifty :
Nifty
has closed at 7008.95. Budget came & gone. Throughout day, the volatility
has killed the traders on both the side. We had mentioned the levels to trade
on closing basis. As we have stated, small up move is possible, it came and
ultimately market resumed its own movement & started giving up all the
gains. The close is not at all good & the levels also have not changed a
bit, even after this big event of budget. Close above 7100 will be treated as
ok and then we may think about going up a little where we have a stiff
resistance at 7240. Since we have a close below 7100 significantly, the
probability of going down is more & the breach & close below 6980, and
the gates are open for 6730 & 6560 eventually. Then it may just a matter of
time. Trade with levels. Strictly.
Bank Nifty :
Bank
Nifty closed at 13,989.30; Bank Nifty is in a slightly better shape than Nifty.
The chart pattern shows bit strength in the structure. At least it gives “ Will
Not Fall Much ” kind of comfort feel. But eventually even Bank Nifty will
follow Nifty. As stated earlier, there are two probable targets waiting for
Bank Nifty as 14,100 & 14,300 / 400. Anytime, if it closes below 13,540,
all the gains may be wiped off and it may start falling with Nifty. The very
initial targets can be set at 13,300 & 12,900. Let us see how the market
behaves & where it is headed. After observing the price action behavior
post budget, we may decide the further move.
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