There is continued weakness in the market and this is shown on a daily basis as Nifty gets fierce resistance at important levels. Yesterday, it was 4270. For today, it is 4400-4430.
We are moving up and down in a narrow range of 150-200 points for now. this may be the preparatory move before the budget. Positional traders are advised to refrain from taking any unhedged positions before the announcement of the budget. As already stated, a Straddle might be the best opportunity for profits before Monday's announcement. Until and unless we close above 4430 with volumes, this market is a sell on rallies at important resistances.
On Thursday, Nifty is expected to open on a flat to positive note in line with positive global cues. Intraday traders may short if the level of 4335 spot is broken intraday for a target of 4305-4290. Above 4335, Nifty may test 4390-4400 today. Very risky traders can short near 4400 with stoploss at 4430 closing basis. If we close above 4430 today, get out of all shorts until Budget day.
Nifty resistance at 4380-4400-4430-4450. Support at 4335-4285-4250-4225
Nifty Futures tips
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