We could have happier if we could mark the same bullish counts on Nifty too, but the Nifty’s chart is bit confusing. This may be due to the 2020 Union Budget. The markets reacts to an big event like these in just the opposite way before the event, this is because of sentiment overshoot. You may have noticed that generally before a big event the markets correct....
Notice that we have marked a very bullish scenario on the index. We believe that the budget can be a vitamin for the expected move. The index has been displaying strength & have hold on to an important pivot point on the chart. 30500 is a very important pivot for the index, if it holds here then a good move up is possible. Below this a sharp correction may grab...
Budget Special:- Bank Nifty Trading Strategy for 1st Feb'2020:-
I am neutral for 1st Feb'2020 due to the big event.
** Tomorrow Supply / Resistance Zone:- 31,020-31,085
** Tomorrow Demand / Support Zone:- 30,474-30,522
Pivot Zone:- 30,762-31,803 Above +ve below -ve
IMPORTANT LEVELS FOR BANKNIFTY
S: 30714, 30786, 30580, 30480, 30356, 30229
R: 30907, 30999,...