Is NIFTY nifty? (A word play on the index)

sphcbhtpb Updated   
NSE:NIFTY   Nifty 50 Index
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.
Comment: 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


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