NIFTY - Correction ahead of Budget

9 Jul 2024

At this juncture, nifty is expected to correct to the mentioned levels & to continue its rally towards 25,000 ~ 25,400 levels before any monthly correction can happen. The correction will be progressing through various barriers of supports(FIBONACCI & T.lines).
SI - 24,162
SII - 24,010
SIII - 23,881 ~ 23,855 levels (V.imp support coincidence of .5% & mid T.line)
The strategy is to take short today after testing the previous High @ 24,401 (the move might start today or 2 days later, Tentative)
Trade Accordingly

9 Jul 2024

Catatan

Pro-active traders can take positions today & conservative traders may wait for the move to progress. However the probability of the correction is above 90%

9 Jul 2024

Catatan

There is a strong possibility that there is a minor correction & a final move up to test today’s high may even test 24,690 ~ 24,700 levels

15 Jul 2024

Catatan

Today can be a -ve close & tomorrow will be the final move preceeding the correction before the budget (-ve weekly close, anticipated).

15 Jul 2024

Catatan

Since the interim mid - trendline is voided, the aforementioned levels will be the final targets before weekly correction (24,644~24, 740, tomorrow)levels.

16 Jul 2024

Catatan

Testing 24, 735 can initiate the weekly correction before the budget on 23rd July'24