Praveen Pathiyil’s Forecasts

Nifty is all set to face the Budget Day with weaker technicals. We have already communicated in the blog to go short/ hold short for our positional holders on friday. We expect wild swing during the hours of budget session, however we feel the opportunity is for the bears on monday. Technically, we do not see any opportunity for bulls to control the market on monday. Considering the volatility during budget session we recommend you to go short on intraday basis using the following levels: SELL @ 5375~5415 with SL @ 5450 for targets of 5305~5265~5235. We will also keep updated during the budget session is live.

Today Nifty provides an excellent opportunity to go short. Monday is the budget day, and going by the technicals, we recommend to hold short in Nifty with SL@5430 on closing basis. Predicting Nifty on D days are risky, however we feel the markets have the potential to head lower on monday. We are holding short on Nifty with the said SL.

Looking at the intraday chart, nifty is poised to make big move downwards. The momentum is picking up. There is a support seen at 5410; which is likely to break this morning. We are holding short on Nifty. For more intraday levels keep watching this space during market hours.  For intraday SELL NIFTY@5470~5495 WITH SL@5511.

Nifty faces stiff resistance at the mid band of the bollinger band@5500. We expect the downside move in the index to resume at the earliest. For the day 5553 would act as a stiff resistance.

Nifty moved higher, with lower volumes. The move might last till 5530. The next move lower towards new lows in nifty should resume at the earliest. Only risky traders be in the market for the day. For more keep watching the blog during trading hours.  

 Nifty is drifting lower and lower day by day. Bears have the upper hand until Nifty closes below 5350. Positional holders can hold short with SL@5350. For intraday one can sell Nifty@close~5266 with SL@5303.

Reliance provides a good opportunity to go long as well as go short. Use the following levels for intraday. Buy Reliance (Spot) @ 899.73 with SL @ 884.80 AND/OR Sell Reliance (Spot) @ 929.48 with SL @ 944.79.