Nifty | Highly volatile with Short Bias | Weekend Analysis

Nifty is highly volatile given two events : 1: Adani group & Hindenburg saga 2: Budget 2023

Current it seems to be bearish with indicators pointing towards a free fall to support zones of 17100, 16000 and 14500 respectively. But given the volatility there might be sharp upturn in nifty and breakout if some positive announcements are made in Budget or accusations against Adani is quashed off.


The support zone of 18000 and 17800 is broken decisively. as per our indicators we should be shorting on the rise until the blue trend line is broken.
Shorting will continue till we reach 17100, 16000 and 14500. Please note, upturn might happen from any of these levels.

Contra traders should look for long around 17000-17200 with a target of 500 pts.
hedges are must in these occasions.