Dated :- 29.01. 2017                                 NIFTY SPOT : 8641.25

Hi readers,

Nifty has moved up sharply and broke the range above 8510 and closed at 8641.

The breakout is strong and has made good patterns.

Nifty has made bullish ISLAND Reversal pattern above 8480 and this pattern is strong pattern.

Island reversal patterns are rare patterns and should not be ignored.

 

Now till Nifty is closing above 8480 the Island reversal pattern is on.

Now What -

Now technically this 8460 to 8480 level will continue to be very important support level. And on the up side the resistance is placed at 8780 around levels.

We have budget in the coming week on Wednesday i.e. Feb 01, 2017.

We do not want to take any call before the budget as we have only two trading sessions before budget and this time budget is going to be important one.

Only thing is that, the pattern is strong and indicators are also supporting the pattern. However it is upon the budget to decide whether the breakout is real or the false one.

Because such a big events has the capability to do anything. Thus the future course of market action shall be dependent on the budget.

Strategy is to be stock specific and watch the budget.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.