February 1, 2017

Nifty Technical analysis before Union Budge

  • Nifty daily chart shows negative divergence with MACD Histogram. This is a risky setup for today as volatility is likely to increase because of the News.
  • The extreme levels for the Day are 8672 on Top and 8461 and 20 Day SMA as support levels. If these levels are broken on closing basis bigger directional moves in that direction possible in the coming days.
  • Week chart shows historic resistance near 8650 levels approx. So a weekly close above this level should give new highs for bulls. For bears its a daily close below 20 Day SMA.

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