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Nifty Gann Square of 9 suggests a close above 15,250 could resume the uptrend: Ashish Kyal
In a nutshell, Nifty is flirting around the important Gann level of 15190. A decisive weekly close above 15250 giving some leeway will indicate a resumption of the positive trend. February 12, 2021 / 09:07 AM IST
Nifty has reversed sharply post the Budget. But see Gann levels that worked so extremely well in providing support and resistance to prices.
See the below chart that shows the classic price action area along with an Expanding pattern. The low created just before the Budget day was near to the Gann support of 13748 levels.
Participants would be actively tracking key macroeconomic data like IIP, CPI and WPI data for cues on Friday. A decisive break above 15,250 would trigger further up move else consolidation will continue, suggest experts.
We are hedged to about 50% even now, and in terms of net exposure, it would also be 50%. If the markets go up, 1% we make about half a percent. But, we curtail the downside risk significantly by hedging, explains Nikhil Kamath of Zerodha.
For investors, this Budget has truly laid the foundation of a strong economic revival in the coming quarters, and the rally, which was restricted to select sectors, will broaden to economy-facing sectors like capital goods, infrastructure, real estate, metals, and cement, said Sidana.