After analyzing multiple timeframes, these are some levels which should playout during the next budget week. Lots of volatility is expected so trade small to minimize risk.
Profit Booking zone - 8730-8760 (Multiple resistances)
First support - 8540-8560 (People who have missed the rally would try to jump here)
Buying Zone - 8430-8460 (Multiple supports)
8300-8330 - Strong Bulls waiting there.
Cheers!
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First support 8550 has come ..Bounce likely from here. Stop loss only 15 points below today's low.
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Boom! Got 50 points in 5 mins...
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& 100 points on BankNifty.
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Bounced from 8540 twice. This zone of 8540-60 is proving to be a good support.
8450-60 will be an excellent opportunity to buy if it comes there. Provided no LTCG.
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Amazing! Nifty's low 8537 and high 8722. In the post above see the boundaries to play with on budget day.