What would the budget bring ? - Opinion of charts
How would nifty behave after budget ? My guess is as good as anyone else's.
Hence I desist from giving bull and bear levels for tomorrow.
However for the benefit of readers, I present a fibonacci analysis of weekly chart of nifty.
From this chart what is clear is
1) The fibonacci confluence zone for support is at 4170
2) The fibonacci confluence zone for resistance is at 5270
3) Nifty has clearly validated the support zone at 4170 multiple times
Conclusion:
If during this week, once the volatility subsides, if nifty is able to close above 4170 consistently, as traders, we should look
to trade with positive bias for nifty target of 5270.
Key levels for tomorrow
Upside : 4450, 4500, 4560, 4620, 4670
Downside: 4350, 4270, 4205, 4160, 4125
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
2 comments:
Jerry,
Thanks for pointing out the fibonaci confluence zones. Especially the way you have applied it. A practical application always beats theory.
hi jerry
i think you are doing a great job.
i would be gratefull if you could give me some tips on trading intraday and short term ..say 1-2 days.
any book u recomend...
plz mail at gurinderdev@gmail.com
i seriosly think you should charge for your service...there are lot of people who will be willing to join and benefit from your trully class apart views.
cheers
gurinder
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