Nifty Tips
Lets start with last week market where nifty took breath at its resistance as expected. Nifty future closed with a loss of nearly 2.5% while BSE Index closed with a loss of 2.5% as well. Capital goods, realty, banking and oil & gas played important roles in pulling the markets down whereas IT and tech provided support to the Indian benchmarks.
Now talk about the technical picture of the market. Since Nifty was not able to sustain at its high levels, throughout the market followed by Feb month of expiry and profit booking. This week nifty is forming lower bottoms and lower highs pattern in daily chart which indicate that, nifty does sustain at it high so down side really can be seen till 5350 level below that 5280 is next support. And still major hurdle for nifty is 5700 .
There is a major events is awaited in march month of contract like:- annual budget . Budget expectation keep remain mk violate. So be caution all trader and investors.
