Since the budget announcement comes soon after the Fed policy meeting on January 31, the market reaction for the next few weeks will be from a combination of the two. Let s understand how traders should position themselves for the budget day.
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Day Trading Guide for Friday
SECTIONS
Last Updated: Dec 31, 2020, 08:21 PM IST
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Synopsis
The texture of charts clearly suggests the short-term trend is still up, but strong possibility of intraday correction is not ruled out if the index trades below 13,935.
INSIGHTS
NSE
On the last day of the December F&O expiry series, the benchmark index Nifty hit yet another all-time high of 14024.80. Today, the index opened near yesterday s closed level and the entire day it hovered in the range of 13,935-14,024.
Technically, post strong uptrend rally, the index has formed a small body Doji kind of reversal formation near important resistance level. The texture of charts clearly suggests the short-term trend is still up, but strong possibility of intraday correction is not ruled out if the index trades below 13,935.