NIFTY - BUDGET BEHIND, BEARS INFRONT.

Nifty budget looks a long time back. The euphoria waned quicker than you can read the highlights of the budget. This is not a commentary on the budget, but how markets can quickly jump from one event to another. The fall reflects two points 1. The open rise was negligible 2. The fall was deeper below 17600. As one can see from the chart we are in the process of RT Shoulder and we are eroding the trend line of the recent rise. A close below 17480 ( A weekly close would be even better) will haunt the bulls towards 17000. Once that goes we dig deeper. View negates if we close above 17800-880 area. For the day, cues are weaker at best mixed. Supports around 17480 strong while resistance 17680 strong. That would be the range. Higher Oil, Higher US Rates negative while softer dollar might cushion. Suffice to say many counters the mood is sell rally.