Nifty Future Hurdle 8950
Week starting from Monday 23 Feb,2015 is going to be an event driven week for indian stock market since we are going to have the Budget from Modi Government and all the expectations, surprises & speculations of whats going to happen with regards to the policies or laws or rebates will come to an end after the whole budget is out and open before the market players and public.
As per the charts in current senerio the short,medium and long term trend are upwards with strong positive bias how ever the last four trading sessions has just been in a tight range of 8850-8920 now going ahead in monday’s trading session the resistance for the day is at 8915 above which 8950 is the major hurdle for the markets. Strong uptrend will resume from tuesday if we manage to hold above 8915 in monday’s close.
On downside if Nifty future remains below 8850 then the intraday supports are at 8800 for monday’s trading session this is a strong level & for any upside in markets bulls shall try to save this level. But be reminded if 8800 future level is taken out we can see sharp correction to 8750 below which there shall be a free fall in markets up to 8400.