Latest StreetView
Budget Special
January 29, 2023
#Nifty has broken important lower support line on weekly closing. The 17800-850 was very crucial in the last week, but there was huge selling that led to the close below these levels. It looks like there is some more selling on cards because of two reasons. One, the Index is below its 20 Weeks average, and then the pre-budget sell-off to discount all positive information post Budget. We might see Nifty at 17200-250 as a 50 Weeks average support. This is the final level at which we can see a bounce probably post Budget.
Banknifty has done the similar, but more severe than Nifty. The broken 20 weeks average suggests that there is more downside possible. The next important support is at 39400 and 38300. There could be some volatile moves within the range of 40000 and 41500.
View: Bearish
Action: Sell on rise
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