Markets After Budget
Hello Friends,
The long awaited Budget sparkles completed their lights and now we are back again to global cues fundamentals etc, etc... Up to me it was a mixed budget and it was not enough to kindle the lights of common man. But if we look in to the angle from markets, our F.M did his part, so the markets welcomed the session with a handy 62 points gain on last Friday.
I will not be available for few days so I will post two very important chart in this article. The move happened on last Friday was glittery but was not able to cross the mark of 5000 and saw an immediate profit booking at that level. We have some immediate resistance at 5020 level and that was the 61.8% retrace level from the bottom.
The below chart will give you an idea
-----> Day Chart
The long awaited Budget sparkles completed their lights and now we are back again to global cues fundamentals etc, etc... Up to me it was a mixed budget and it was not enough to kindle the lights of common man. But if we look in to the angle from markets, our F.M did his part, so the markets welcomed the session with a handy 62 points gain on last Friday.
I will not be available for few days so I will post two very important chart in this article. The move happened on last Friday was glittery but was not able to cross the mark of 5000 and saw an immediate profit booking at that level. We have some immediate resistance at 5020 level and that was the 61.8% retrace level from the bottom.
The below chart will give you an idea
-----> Day Chart
-----> Month Chart
In the day chart, the indication is based on MA 50 and MA 100, which has almost near for a crossover point and in the below monthly chart the ROC indicator has already finished it Bull move.
Both these chart indicate for a heavy Bearish move and it can last even for months. Now from the current point I feel Nifty can stretch to a maximum of 5055 to 5067 and one or two days close below 4777 will conform the above pattern. Initial targets would be 4538 and 4414, if the attack is severe then we may have 4250 and 3600 even.
But friends, don't get panic. It's just an alert call for the investors and nothing gonna happen all of a sudden in a single day. Since most of us may have missed the last bear market, but not any more. This pattern can be neglected, if market close strongly above 5310.
Do your own research before any positions and do not forget to remember me, if we get to see 4250 or 3600 :). I am off from the markets for few weeks due to my personal work and blog will be updated later on.
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Both these chart indicate for a heavy Bearish move and it can last even for months. Now from the current point I feel Nifty can stretch to a maximum of 5055 to 5067 and one or two days close below 4777 will conform the above pattern. Initial targets would be 4538 and 4414, if the attack is severe then we may have 4250 and 3600 even.
But friends, don't get panic. It's just an alert call for the investors and nothing gonna happen all of a sudden in a single day. Since most of us may have missed the last bear market, but not any more. This pattern can be neglected, if market close strongly above 5310.
Do your own research before any positions and do not forget to remember me, if we get to see 4250 or 3600 :). I am off from the markets for few weeks due to my personal work and blog will be updated later on.
So friends have some profitable and safer trading days :).
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