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Nifty: Market is now showing cautious approach ahead of Union Budget 2017

HDFC Sec | 30 Jan, 2017  | Follow Author | Add to my Favourites 
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Current Observation:

- After showing sharp upmove of last week, Nifty halted its upside momentum today and shifted into consolidation with narrow range and closed the day with minor loss of around 08 points.

- Nifty opened today with slight negative note and shifted later into narrow high low band of around 45 points for entire session. The underlying short term trend was choppy.

- A doji type candle pattern has been formed today, after the sharp upside bounce back of previous 3 4 session. This could be an indication of confusion state of mind among the investors at highs.

- Or, this could be a breather pattern, which is common formation after a sharp moves (temporary halt in momentum). But, formation of such pattern ahead of key economic event of Union Budget 2017 (on 1st Feb) could be viewed carefully, with regards to short term trend reversal.

- Nifty is now holding on the immediate support of around 8600 levels (blue dashed horizontal line previous opening down side gap and also swing high of Nov-16 month), hence the downside break of this support could have further negative impact on the market ahead.

Conclusion & Strategy:

- The underlying short term trend of Nifty is choppy with positive bias. Market is now showing cautious approach ahead of Union Budget 2017, which is to be presented on 1st Feb.

- Nifty is expected to continue with choppy trend for tomorrow as well and we are likely to see a high low range movement of around 8670-8600 levels by next session.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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