My short view is not exactly for this particular day, its overall.
Most of you know, I practically day trade NIFTYBANK almost everyday (its one of my favs)
Now my overall view on Indian market has changed, not because of any specific things about the Budget, but because of the overall conclusion from the Budget. I was planning to put out a video for it but as of now its too much for me, maybe I will later.
Long Story Short, I am not buying any heavy weights or any FNO for that matter (may do intraday, but not swing or positional) until NIFTYBANK shows at least one TICK below, 27999. And optimistically, NIFTYBANK might just show us 26000-26500 levels (NOT KIDDING!).
Certainly it wont be a straight 2000 or 3000 points fall, but we should get there eventually. I can bet @The_RedTicker name on it, that's how certain I am. Obviously, I can go wrong too, but it wont be just because I misread the markets.
Its time to go RED! (sell on rallies). Ohh the things I am noticing right now, wish I could muster enough confidence to put out a video (as I have never done it before, later maybe)
I have done my analysis on daily, weekly, monthly.
writer are not interested in selling at lower prices around 50-60, but as soon as the price goes above 70-75, they start again. As of now, I am confident nifty spot has room till 11780 but they are exactly expecting a clear move above 11800 on spot.
If at all my view is correct, prefer fut at and when it reaches 11800 on spot. Options would be great too, but i believe they will start writing put also by then, hence constricting the range on nifty for atleast this weekly expiry. So far its just a hunch with half data. As we progress and i see the points i have mentioned, my understanding will get clear.
my exit was 102.23