After a successful taste of 4305 nifty surged ahead and broke past the congestion area it created in last couple of days. Now ahead of big Budget Day it looks positively biased (on the short term chart) for some upside with a hint of volatility on the first half because of the Budget session. Adding to that note daily or longer term uptrend is still taking a pause and i feel 4560 will decide the fate of that longer term upward momentum as of now.
So for the Big Day ahead of us,
Supports: 4360/65 is the most crucial place to watch out for. This place is important to hold for further upside for the day. Immediate supports lies around 4407 and 4385 zone. Holding onto 4407 will be very bullish.
Resistances: 4445/51 remains the first barrier on the upside. Crossing that it will target 4496-4515 and finally the big and very important 4558.
Trade carefully ahead of a likely volatile session. Dips are most likely to be bought as long 4360 holds. :)
So for the Big Day ahead of us,
Supports: 4360/65 is the most crucial place to watch out for. This place is important to hold for further upside for the day. Immediate supports lies around 4407 and 4385 zone. Holding onto 4407 will be very bullish.
Resistances: 4445/51 remains the first barrier on the upside. Crossing that it will target 4496-4515 and finally the big and very important 4558.
Trade carefully ahead of a likely volatile session. Dips are most likely to be bought as long 4360 holds. :)
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