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Stock Market Highlights: Nifty breaks bearish pattern, eyes 23,800 upside level. How to trade on Budget Day
A long bull candle was formed on the daily chart that has surpassed the hurdle of 23,400 levels and closed higher. Technically, this market action indicates a significant change in trend and signals the emergence of strong upside momentum.
The bearish pattern of lower tops and bottoms of the last month seems to have reversed, as Nifty closed above the recent lower top of 21st Jan at 23,426 levels. This is a bullish development and eventually, we could see the formation of bullish higher tops and bottoms. The underlying trend of Nifty remains strong. Having surpassed the hurdle of 23,500 levels, bulls could advance towards another resistance of 23,800 levels in a short period of time. Immediate support is at 23,400 levels, said Nagaraj Shetti.
In the open interest (OI) data, the highest OI on the call side was observed at 23,500 and 23,600 strike prices, while on the put side, the highest OI was at 23,500 strike price followed by 23,400.
Stock Market Highlights: Nifty breaks bearish pattern, eyes 23,800 upside level. How to trade on Budget Day
The stock market has been full of surprises lately, with the Nifty breaking out of its bearish pattern and now eyeing the 23,800 upside level. Traders and investors are eagerly waiting to see how the market will react on Budget Day, which is always a significant event for the stock market.
If you are looking to trade on Budget Day, here are a few tips to keep in mind:
1. Stay informed: Make sure you are up to date with the latest news and updates related to the budget and its potential impact on the stock market. This will help you make informed trading decisions.
2. Have a plan: Before the market opens on Budget Day, have a clear plan in place for your trades. Decide on your entry and exit points, as well as your stop-loss levels.
3. Manage your risk: Trading on Budget Day can be highly volatile, so it is important to manage your risk effectively. Only trade with money that you can afford to lose and use proper risk management techniques.
4. Keep an eye on Nifty levels: As the Nifty is eyeing the 23,800 upside level, pay close attention to how the index behaves throughout the day. This can give you valuable insights into market sentiment.
5. Be prepared for volatility: Budget Day is known for its volatility, so be prepared for sudden price swings and unexpected movements in the market. Stay calm and stick to your trading plan.
Overall, trading on Budget Day can be an exciting opportunity for traders, but it is important to approach it with caution and proper risk management. By staying informed, having a plan, and managing your risk effectively, you can navigate the market with confidence. Good luck!
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Stock Market Highlights, Nifty, bearish pattern, 23,800 upside level, Budget Day trading, trade on Budget Day, stock market analysis, market trends, stock trading strategies, investing tips
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