Technical View | Nifty forms High Wave candle on budget day.

1 Feb 2023

Index sara din sale on rise he tha,,abhi k lie Immediate resistance is at 17,700-17750 and support is at 17400.

Nifty me aaj itne bhayankar moves hue ki kya bole janab aur jab mam Finance Minister Nirmala Sitharaman ne budget present kia to aisa lga ki ab bas nifty to naye highs banane jaega,,,but It taken U turn within touching distance of 18,000 only to wipe out most of the gain in a massive selloff in the last couple of hours.
After going past the 17900 mark early in the session, the index slipped to 17353 in the last hour of trade but managed to recoup losses to close 46 points downs at 17616. The index defended its 200 daily exponential moving average for the fourth day in a row, which can be crucial support in the coming sessions. The level of 17700-18000 can be the next hurdle.
nifty index formed a bearish candle with a big upper and lower shadow, which resembles High Wave pattern on the daily charts, indicating too much volatility in the market and indecisiveness among buyers and sellers about the future market trend.
niche ka jo support hai 17400 ka agar vo tuta to fir 17200-17000 ke level jaldi he milenge dekhne ko,,

On the options front, the maximum Call open interest was at 18,000 strike followed by 18,100 strike, which is expected to be crucial resistance for the Nifty, with Call writing at 18,000 strike then 17,800 strike.

The maximum Put open interest was seen at 17,000 strike followed by 17,500 strike, which can be critical support area, with minor Put writing at 17,500 strike then 17,200 strike.
Overall market me kuch clear kahna mushkill sa dikh rha h kal ka session clear krega ki kidhar jane ka man bana rha h market,,well guy's my analysis for nifty has been done,,C U tomorrow with behatreen trading idea,,Good night happy trading

Don't forget to like and follow me on tradingview.com

Thankyou