BUDGET DAY TRAP !Guys see can how many times the market trapped traders on both sides, what do you think who has been able to make money out of this type of market......
I think scalpers have made a lot today!
Bsnknifty
L&T HOUSING FIN Major resistance or BO?Lic housing fin working on down trend channel. yesterday it was given positive move with huge volume for more up side it should cross and sustain above 400-425, which is not seems positive as per indicator positions. it also form H&S pattern on monthly chart . it has target for down side 300,So better to use this bounce to take exit.
BankNifty - Took support from Trendline, but weak overall. If we go by just the trend line, Bank Nifty closed at a more comfortable level. But as you know, it continues to remain weak 9/34 EMA System. Let us see how it behaves with the trendline tomorrow. (the EMAs shown in the chart are 50 & 100.)
The RSI value is below 40, B.Nifty is trading below 20 and 50 Daily EMAs and close to 100 Day EMA, which is at 30786, the trend line point is also located somewhere very close to this level.
The quantitative data too suggests short side massive buildup in Futures, PCR, Options open interest, IVs/Vix all are indicating downside and oversold markets.
In a nutshell, 30780 is a very important level on the down side, we may see further downside if Nifty breaches this level.
