Nifty Hourly 24-02-15

Hi,

Another rangebound day, probably will continue till the budget is announced on Saturday 28th Feb. Also since the markets have stayed in the range for so long, the budget could trigger a big move either side.

Nifty

Today prices took resistance at 8795 level as identified by the green horizontal line. The range for Nifty should remain between 8600-8900 for the rest of the week. If the move is a wave c, it should complete at 8600 before we start a new uptrend to possibly lifetime highs 9000+

Supports- 8730,8705 (spot levels)

Resistance – 8795,8890 (spot levels)

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