NIFTY TRADING SYSTEM
Open : 5327.00 High : 5347.00
Low : 5238.00 Close : 5328.00
TREND : BEARISH
VOLATILITY CREEPS IN AHEAD OF BUDGET………..
Nifty Futures witnessed a volatile two way movement ahead of the Budget session. It witnessed heavy selling after poor Economic Survey forecast , making an intraday low of 5238, and a sharp short covering rally at this point took it all the way up to the 5347 area .
There is a strong intermediate support zone between 5180 - 5230 area. A break of this area will take the Nifty Futures all the way down towards the 4950 mark. On the up side there seems to be a minor resistance at 5350- 5400 area.
We are Bearish on Nifty Futures , Any rally towards the 5400 level should be treated as selling opportunities with appropriate stop loss.
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