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Nifty - Pre-Budget Confusion

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  1. #1
    insight95in
    insight95in is offline eTI Member

    Nifty - Pre-Budget Confusion

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    The Nifty gained 69 points over the week to close at 4826. A
    volatile week for the markets as the index traded within the 4700-
    4850 band. Technically, the zone of 4650-4700 holds a lot of
    importance from a MT perspective as the neckline of a bullish
    “H&S” pattern and the 200-EMA exists within this area and it was
    encouraging to see the index rebound from the same. There is
    still no concrete evidence on the charts to indicate a confirmed
    bottom and hence we shall look out for more triggers early this
    week. There are a few positive signals on the daily indicators that
    have seen divergence along with an oversold reading. Even the
    weekly indicators have tested the OS line after a long gap. The
    other positives come from external factors, as the Dow seems to
    be close to a bottom while the Dollar Index could top out near the
    resistance of 81. On the negative side, the DM study continues
    to be in sell mode and the averages remain above the price
    action. Overall, the indices are likely to witness further recovery
    but for the same to be understood as a reversal the key level of
    16600 (4960 on the Nifty) needs to be surpassed this week.



  2. #2
    insight95in
    insight95in is offline eTI Member

    Re: Nifty - Pre-Budget Confusion

    Free Nifty Intraday Trading Tips

    1.Infosys Feb. Future (Rs. 2491)

    Buy only on a move above 2505 with a stop loss below 2478 for a 2-day target of 2550 and 2584.

    2. ICICI Bank Feb. Future (Rs. 826)

    Buy only on a move above 831 with a stop loss below 819 for an intra-day target of 845.

    3. Siemens (Rs. 640)

    Buy in the region 630-640 with a closing stop loss below 595 for a short and medium-term target of 740 and 820 respectively.

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