Indice Nifty 50Long
NIFTY Budget Day buying opportunity
Nifty 50 is travelling in a descending channel from all time high. It has broken the mid-point of the channel and can drop approx 4% more to reach the bottom line.
NSE is conducting a special trading session on Saturday 1st Feb, when the new budget will be presented. This co-incides with the bottom of the channel, so I expect Nifty to drop approx 4% more in the next 7 sessions.
It should bounce from the bottom line which is also a support zone from Election Day and before, take a rejection from the channel mid-point, take support from the top of the zone, then go upwards to the top line of the channel.
NSE is conducting a special trading session on Saturday 1st Feb, when the new budget will be presented. This co-incides with the bottom of the channel, so I expect Nifty to drop approx 4% more in the next 7 sessions.
It should bounce from the bottom line which is also a support zone from Election Day and before, take a rejection from the channel mid-point, take support from the top of the zone, then go upwards to the top line of the channel.
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