Nifty On Budget Day – Why 8875 And 8690 Crucial?
Before analyzing Nifty on Budget Day 2015 and readers first to remind you what I have written in my last analysis of Monday. If you have missed the post please read it here.
I have clearly written aggressive traders may try shorts in sudden intraday rallies, with SL above 19th February’s high, i.e. 8913.45 and go for targets 8744-8692-8640. YES, 8744-8692 got achieved. Could you short it or just watched from the sidelines.
Our Live Nifty Tips subscribers received message on Monday on Whatsapp to buy Nifty March 8700PE at 120 and they booked it at 180++ levels on Expiry day. We know many people lost money this expiry day, but our Live Nifty Tips subscribers have made good money as they booked profit in Nifty March 8700PE and they received expiry bet to buy February 8700CE at 15 and booked profit at 25 and 35. 150% returns achieved in single call with small risk.
Now how to play Nifty on Budget Day 2015?
Nifty is moving in 2 symmetrical triangles. Long term symmetric triangle shows breakout in close above 8875 and break down below close below 8690. Check the chart above. And short term symmetric triangle shows breakout has taken place today above 8804 and in case of a positive breakout and close above 8875 tomorrow will confirm bulls are back. Check the chart below. On the other hand failure to close above 8875 tomorrow will confirm bears are still alive. Daily 5,3,3 stochastics is in buy mode whereas Daily 9,3,3 stochastics is in sell mode. Wild swings will take place we all know. Watch tomorrow’s close carefully and good close will trigger longs and change market direction to buy in dips with targets to minimum 9000. Close above 9000, more details available to only Live Nifty Tips subscribers.
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