NIFTY Special Budget prediction for tomorrow 1 FEB 24As Nifty has been trading in the range 21500-21750. Now, tomorrow is a BIG BUDGET 24 to be announced.
If we look at the charts:
The market is trading on the resistance level while completing the inverted HNS pattern, which increases the probability of the market going bullish. But unless the market breaks to the upside, don't go for option buying. The market has taken Support at 200 EMA + price action level.
If we look at the OI data:
PCR = 0.70 shows the neutral behavior of the market, which is okay as the budget is going to be pro-government to focus on the election-winning side. few sectors are going to be beneficial, and few are going to impact negatively. 21700 is MAXPAIN . Both sides are equally tense. Let the market decide what's going to be.
PROs and FIIs have shorted the market with heavy quantities, which might force it to open downside.
I am expecting the market to touch 22100 again.
Reasons
Price > EMAs, which shows bullishness.
RSI is at the surge to break to upside(60) which is bullish indication.
The market is trading its resistance zone, its make-and-break situation. Only go in if the breakout is confirmed.
As it's budget day and elections are nearby, the budget has to be good to turn election sentiments to this government side, which might impact some sectors negatively and also some in a positive way. The market can go really wild. So, Play carefully and protect your capital.
PRO and FII have been showing negative signals as they have been shorted the market heavily, which might force the market to open downside. And then go bullish.
Verdict:
Neutral, highly volatile.
Plan of action:
Wait for 15 min candle. Let the trend be confirmed, then make a position. Protect your profits. The market can turn anytime and will be driven by budget sentiments.
Happy trading Keep your capital safe...
