Is NIFTY nifty? (A word play on the index)
Updated
Currently I'm sharing the hourly chart of Nifty. Tomorrow being the budget day, it is going to be quite volatile. Looking at the charts we see a really good double bottom formation at 11950-12000 levels. In case this level breaks, we will see Nifty accelerating towards 11800, 11600-11500 and then 11,000.
With each level acting as a support, it will interesting to see where we find support (assuming we see further breakdown below 11950)
From ATHs, we have already seen a healthy correction of 10-15%. Currently I would stay light on my positions with 0 open F&O positions accompanied with technically strong stocks in delivery segment.
I'm not a SEBI registered professional. I'm only a trader who shares his view. Please consult a certified professional before taking any positions.
With each level acting as a support, it will interesting to see where we find support (assuming we see further breakdown below 11950)
From ATHs, we have already seen a healthy correction of 10-15%. Currently I would stay light on my positions with 0 open F&O positions accompanied with technically strong stocks in delivery segment.
I'm not a SEBI registered professional. I'm only a trader who shares his view. Please consult a certified professional before taking any positions.
Note
Fresh longs only to be initiated after a small consolidation in the index accompanied with RSI turning bullish and index trading above 20 and 50 DMA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.