Lets see what the Technicals for Nifty and Bank Nifty are before the Budget.
The color on daily chart is Lev Sell for Nifty and Sell for Bank Nifty. Both the indices has not broken the last low at 5175 and 10030 levels.
The candle for Nifty is Bullish Hammer indicating sideways/bullishness if 5230 holds.
The lower bollinger band is not broken for the indices.
The weekly is Lev Sell for both the indices. The weekly RSI though is showing signs of base formation at these levels.
To summarize the markets are in Sell mode but the immediate trend is range of 5430 and 5230. That's the range of 4% in Nifty. This wide range at the lows of 5250 levels shows nervousness of the market.
If the markets rise after Budget then the recent Bottom will be good support for few weeks.
The color on daily chart is Lev Sell for Nifty and Sell for Bank Nifty. Both the indices has not broken the last low at 5175 and 10030 levels.
The candle for Nifty is Bullish Hammer indicating sideways/bullishness if 5230 holds.
The lower bollinger band is not broken for the indices.
The weekly is Lev Sell for both the indices. The weekly RSI though is showing signs of base formation at these levels.
To summarize the markets are in Sell mode but the immediate trend is range of 5430 and 5230. That's the range of 4% in Nifty. This wide range at the lows of 5250 levels shows nervousness of the market.
If the markets rise after Budget then the recent Bottom will be good support for few weeks.
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