NIFTY UPDATE

NIFTY is in a neutral zone before todays EVENT of BUDGET but before we focus on the daily setup,
today let’s discuss on the MONTHLY setup.
since the move from OCTOBER LOW of 18,838 the MONTHLY BARS of NOVEMBER and DECEMBER were absolutely BULLISH.

BUT the MONTH of JANUARY has shown clear exhaustion of trend.
This is not that BEARISH at larger degree of trend.
but it can turn BEARISH if we get a negative monthly closing in FEBRUARY.
Let’s se,
MIFTY BANK have already registered a significant breakdown which can further intensify below 44,000.
also we got that anticipated REVERSAL BAR on U-S-INDICES yesterday.
which could make things really intresting in coming days.

For short term specially for today levels are not going to matter much,
21,385 has been a key level which we have been closely tracking since tuesday,
So as long as that’s holding extreme short term trend would stay sideways to positive.
Still we should get more greater clarity post todays EVENT.