Ahead of budget nifty making very profound Shooting Star
Shooting star forms in a very trending market with a long wick gives alarming signal. From october FII s pumping money into market and from last 1 month they are buying continuously but from last 3 session they started selling. DIIs selling from october , they are selling from very lower levels when nifty was at 11800 so expecting that DII s will handle bears is something very difficult so now DIIs and FIIs both become bears.
On chart shooting star formed with a very long wick upside in the month of january all gains were wiped out in last 3 session ,bears are in a hurry.
I think that next support is placed at 14450 which likely to come very fast . After that market should take support at 11000 ,which is the final strong support.
Remember we are wrong last time on the correction as you can check in the linked idea where we expected a sharp drag but saw a huge surge. Be ready for market wild movement during budget.
On chart shooting star formed with a very long wick upside in the month of january all gains were wiped out in last 3 session ,bears are in a hurry.
I think that next support is placed at 14450 which likely to come very fast . After that market should take support at 11000 ,which is the final strong support.
Remember we are wrong last time on the correction as you can check in the linked idea where we expected a sharp drag but saw a huge surge. Be ready for market wild movement during budget.
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again market prooved us wrong
