Nifty pre-budget

The great subject of technical analysis is so many time refered to as an ART...its infact an art,a study of human psychology..a study of effects of COLLECTIVE MASS PSYCHOLOGY...three major aspects of human nature, greed,fear and hope..clearly reflects in the fast and furious price movement.

Almost always, before any crucial known event..markets move in such ways that ,it becomes very difficult to predict whats going to happen ,next hour..next day.

For us..there remains no option but to say ..if these levels or these lines gives support, market will move up and if they are broken it will go down !!!!!!!....after we are also humans.

SO ,with these limitations in mind..here is the chart of nifty..and readers are requested to view two hourly charts posted here yesterday..

USA markets tumbled heavily last night , may be a signal that,if our budget doesnt come as per high EXPECTATIONS of the market participants..there will be a trigger for the indices to complete the reversal patterns,discussed here.

ALTHOUGH nifty had taken supports at 4250 around and at 4140 around in previous falls, and the neckline values are at around 4140,for me 4092 will be the real level to watch on and after budget day.