Look to go long after breakout from the falling wedge area..
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...
Expecting some up-move in Nifty ahead of Budget. Break of trend line will make the analysis invalid