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.
Nifty future made low 8540 and closed the week at 8582.55 Till if remains below 8630 the short term trend will remain down. The next support for the market is at 8530 below which expect correction up to 8420. The weekly trend for nifty turned negative. The momentum indicator RSI has also turned downwards direction.