Rahul | rrfinance

NIFTY: Pre Budget Technical Analysis

Jul 5th 2014 at 12:55 AM

Nifty is in an uptrend and has immediate support at 7700 and resistance at 7860. A break above 7860 may take it to 261.8% Fibonacci level of 8100.

Below 7700, Nifty has very strong support at 7500.

We expect Nifty to move between 7500 – 7800 with an upward bias till budget and go further up after budget.

It may be difficult for Nifty to breach 7500 unless there is a geopolitical major negative or the budget is anti-markets.

Markets may be volatile and the levels 7500 – 7800 for the Nifty may be tested pre-budget.

We recommend investing before budget and holding existing equities.

See our other research reports here:-http://www.rrfinance.com/Reserch/ResearchHome.aspx

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