Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Will the Union Budget gives boost to the Market?

56 sec read

Railway budget brings a big disappointment in the stock market. Indices slipped from its all time high and nifty and banknifty currently trading around 7585 and 14931 respectively. Union Budget had set very high expectation amoung investors,traders, middle class people and industrialists.

Key Expectations

– Tax sops for the salaried people
– dumping of the controversial retrospective tax
– For boosting investment, tax incentives for industry
– gold import duty cuts
– road map for roll out of the Good and Services Tax(GST)
– The government may set up a price stabilisation fund
– Provide relief to farmers to help them tide over the impact of deficient monsoon

Nifty Hourly Charts
Nifty Spot Budget

Nifty and Bank Nifty hourly charts is currently in sell mode right from the railway budget event. Currently the resistance zone comes very close to 7803 and 15536 respectively. Reverse your position to positional buy mode if the resistance breaks on the hourly charts.

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Bank Nifty hourly Charts
Bank Nifty Budget

India VIX hourly charts

India VIX very recently turned to positional downtrend which could probably result in lower participation in the nifty options market and currently the resistance zone comes around 20.26. Only a close above the resistance zone on hourly charts could fuel further momentum in the volatility index.

Indix VIX Budget

Nifty Spot Weekly Charts
Nifty on the weekly charts currently trading below 7683 5EMA(high) and currently the intermediate support zone comes around 7469 5EMA(low). A weekly close below 7683 could bring more weakness in nifty and any close above 7683 on weekly basis fuels further moementum in nifty and could take nifty towards 8000 levels.

Nifty Weekly Long term charts

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

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