Last week Nifty gave handsome profits from 17627 which was our CoG (Centre of Gravity) level. On Monday Nifty made the high of 17600 and gave more than 200 Points. Again on Friday Nifty faced resistance exactly near to the level of 17380 & from there Nifty gave 250 points to the downside.
Well to start with this week:
The CoG level for this week stands at 17293. Look for price action near this level & then take the trade accordingly.
Above the level of 17293, the Upper levels are 17341 - 17593 - 17846 - 18026 - 18350
Below the level of 17293, the Lower levels are 17211 - 17105 - 17015 - 16836 - 16610 - 16410 - 16377. 16210 -16020.
We will be looking for buying opportunities near the zone of 16836-16825 with small & logical stop-loss.
A close below 16836-25 zone, Nifty can drag towards 16410-16377 zone.
Below this zone of 16836-16825 zone, we will look for selling opportunities for the targets of the 16410-16377 zone.
Again, we will be looking for buying opportunities in the zone of 16410-16377 with a small & logical stop loss.
A close below 16370 will be a big warning for the coming days.
Important dates for the month of February are 1st Feb, 4th Feb, 17th Feb, 21stFeb & 27Feb
The budget week is about to approach and so is the volatility accompanying it. We may witness wild swings almost like a roller coaster ride. This is called as Event Cycle at play.
Being nimble-footed & being light is a virtue on a Budget week.
*This analysis is shared only for educational purposes. I am not registered with SEBI, so consult your financial advisor before making any decision.
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