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January 27, 2023Nifty has broken 20 DEMA 18060 and reached to the lower channel support. There are two possibilities, one, it can break the channel support and head towards 17700-800, which is 100-200 points below from current levels. The second, can bounce from here towards 20 dema and then 18250. As it is filled with Budget expectations, there could be a volatile move as well.
Banknifty has broken its lower channel support and reached to its previous swing low. As pointed out, we should see some bounce in the Index towards the channel line. And then a resistance of 42500 is tough to break before the Budget.
Focus on Individual stocks.
Absolutely, there is no impact of day trading with the Budget expectations. It is important to focus on Risk Management rather right or wrong.
Watchlist:
Nifty 17800 CE, 18000 CE, 17800 PE and 17900 PE
BANKNIFTY 41500 PE, 41600 PE, 41800 CE and 42000 CE
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