A day that ended in Dream

Budget has passed by bringing a storm in to the market. In a simple word, we can describe this Budget as SHORT VIEWED. Will this be the end for bulls? Yes.. the chart says..

Just have a look on the below chart carefully.

This is week chart in Nifty. In this the first SMA crossover happened @ 2700 levels. From there on Nifty has marched almost 100%. Almost 16 week rally, which is now completed @ 4300 levels due to the DREAM BUDGET.

In my previous post, i have mentioned about the CUP&HOLDER pattern, which is almost demolished today. So a broken CUP&HOLDER pattern now turned out as a DOUBLE TOP, which in turn implies heavy bearishness.

So traders can keep 3800 to 3600 as their short term target and work accordingly.

Happy trading.