Medium Term Trend:👇(Down)
Nifty @ 17516 down 44 points- Weakness Emerging Yet Again.
Nifty continues to remain volatile even after budget and made an attempt towards 18000 levels however it could not sustain above 17600-17700 levels and has again moved down towards 17500 levels.
When nifty moved above 17600 levels after budget, it looked good for a brief period & there were chances of market moving further towards 18K levels. However the failure to sustain above 17600 levels is again pointing to the fact that market is still not out of woods and one more down-leg towards 17K-16800 is very much possible from here. with each successive days markets internals are getting weaker and the post budget move (17600-17800) is now appearing to look like one giant bull trap.
Nifty now has a strong resistance placed at 17675-17700 levels and it must move above it quickly for any bullish scenario to emerge again on the other hand final support exists at 17340-17375 levels below which market could see sharp selling and move down to 17K or even lower levels once again.
In summary, markets are still looking very fragile & in case we do not start trading above 17700 levels but instead keep hitting lower lows and fall further below 17350 levels in next 1-2 trading sessions then more weakness is likely and market could see sharp dips once again. As mentioned in last update, market has taken support at 16800 levels already 2-3 times and this level ideally should not be tested again but if it does then the chances are it might not hold this time around.
Happy Trading!!
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