Nifty Watch:- Today Nifty strongly opened at 5375 with a gap of 32 points to its yesterday close. This is also its low for the day. Market is in the control of bulls from its start. Nifty made a high at 5551 with an increase of 176 points to it day open and finally closed at 5547 with an increase of 172 points to its day open and day low both.
As we have discussed yesterday about uncertainty in the market due to Nifty made DOJI. This big move is suggested that now there is no uncertainty in the market and bulls take the control of the market in their hands. As market runs in two phases; Expansion and Contraction. This rally is in expansion phase and now we may see a contraction phase. This suggests that the market may consolidate for coming few days.
Trend:- The short term trend is up. The Intermediate trend remains down, with the Nifty trading below its 200 days and 50 days moving average. TA Insync(55-5) is above the level of -45 and start moving up. This indicator is suggesting that nifty can made a new high.
Level:- Looking for support at 5450 . Resistance comes at 5700.
Summary:- Today market boom is the impact of the budget. Budget is in the favor of short term trade. Thus Nifty may touch a new short term high level. Nifty never made such a huge rally after budget from last 10 years. So this may go in the favor of bulls.
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