TECHNICAL VIEW

Technical View For NIFTY & BANK NIFTY:

We Have Seen A Very Smart Rally In Both The Major Indices Post Budget

A Major Event Awaited By The Markets Was RBI Policy Day And Just Before That The Move Especially In BNF Was A Perfect Rising Channel

Yesterday That Channel Has Been Decisively Broken So Unless BNF Moves Back Above 16000 On HOURLY CLOSING Basis I Feel We Are In For The 1st Major Correction POST BUDGET

1st Target Seems To Be 15220 And Next 14872 But We Will See Some Good Bounce Back From Around 15200

For NIFTY The Price Structure Seems Slightly Different And CONE Shaped

1st Supports Around 7600 But Once We Have A CLOSE Below 7600 And 7550 (Where We Have The TREND LINE Support),We Will See A SHARP Short Term Down Move Up To 7434

Here Are NF & BNF Charts

NF HOURLY:

BNF HOURLY: