Nifty future hurdle @ 9005
Resistance 9050 9100
Supports 8925 8885
What a roller coaster ride on Saturday the Union Budget special session. It was a session of euphoria, panic & stress for many and in the mean time it was a day of joy for few.The market on event day witnessed sharp whipsaws in nifty and banknifty all day before finally making a close at 8964.65.
Most breakout day traders who trade nifty were left wounded with multiple stop loss been hit since market made new high, new low again new high again new low again new high and again new low and finally closed around the day high at end of the session. The nifty future has already broken out of the resistance (trendline) and closed above the same. The hurdle for monday’s trading session is at 9005 above which once hold gates open for 9050 & 9100. Supports are 8925 & 8885.
RSI 14 day is trading at 62.46, The volume on the breakout is strong and in favor of bulls.
Disclosure : Booked Nifty positions have no open positions as on writing this report.