Market Technical View

 

NIFTY

Technical View:

NIFTY has more than doubled from pandemic lows of March 2020 hitting highs of 15250 from 7511. The roaring bull market in place. It has closed above 15000 now in euphoria. The rise has been parabolic which is entering risky category now. The risk reward ratio now is not favorable in terms of bulls as another 3% rise can be seen before correction in near term in best case scenario.

The charts with internal Elliot Wave counts hint a most likely scenario of impulse 5-Wave advance with 15400 – 15800 to act as hurdle and price projection objective wave counts is expected to complete. Even in bull markets healthy correction or consolidation is always good for markets but markets are in one-way advance. The mean reversion can happen anytime wait for confirmation to complete for reversal.

                                                                          NIFTY Chart

Though chart structure of price action hints NIFTY trend remains to be bullish for NIFTY until 14900 and 14750 or 14620 holds. The price projection methods conclude impulse is about to complete even on hourly chart we are on the verge of ending diagonal breakdown. The thrust even if happens can move towards 15400 to 15650 zones to top out for good swing correction wait for price confirmation to enter shorts until 14900 hold buy dips would be the strategy.

Bank NIFTY

Technical View:

                                                                          Daily Chart

Bank NIFTY chart structure also is bullish after forming leading diagonal in Wave 1 now in Wave 3 was completed before budget near 29700 and a whopping 7000 points rally was witnessed in the form of Wave V. Now the key points for Bank NIFTY to watch out are 37000 to 37700 as per price projection objective. In near term 36600 and 35500 is the broad range either way range breakout can yield 1500 points to in 2500 points in Bank NIFTY. While the upside is limited to 37000 – 37700 as we are in euphoria and showing signs of fatigue.

Though traders are advised to trade the range as of now on both sides as 35500 to 36600 consolidation is happening after stellar rally. Below 35500 and 35200 can sell panic selling towards 33200 as minimum target zones.

 

 

 

Crude Oil

Technical View:

 Daily Chart

The Crude Oil has started its upward journey after long 5-6 months consolidation last week gained 7.8% now trading around 4200 zones. The immediate resistance zones for Crude oil are 4600 - 4700. The long-term sloping trendline resistance is around 3890-3950 zones is crossed. Now 4095 and 4000 are positional support zones until it holds its buy dips and sustainable close above 4200 can stretch towards 4700 zones.

 

 

 

 

Silver

Technical View:

                                                                                   Daily Chart

Silver after hitting 74000 odd zones fell sharply towards 66200 zones chart structure hints could in corrective coil pattern A-B-C-D-E. Now in C wave decline could test 60 to 61000 back again. Before that technical advance happening towards 69900, 70300 and 70800 while 71500 could be stop for near term targets of 66600 back again further break below 66200 can revisit 62000 to 60000 as per the pattern.

 

 

 

Gold

Technical View:

The MCX Gold Elliot Wave counts hint most likely in complex correction W-(x)-Y- (x)-Z as shown in the charts below. The levels to watch on upside hurdles now are 48400/ 49000.

Daily Chart

MCX Gold now as per charts 49000 is a major hurdle and strategy would be sell on rises and the downside support zone is place around 48000 and 48400 while below 47200 below 45800 - 45500 levels can be seen to complete correction.

 

 

 

                                                                                                                           From,

Raju Angadi Vishwanath, MS, CFTe

Traderz Hut

www.traderzhut.com

+91 78291 55900

traderzhut@gmail.com

UNION BUDGET 2021-22 Highlights - CA Nischal R B

 

UNION BUDGET 2021-22 Highlights

1 February, 2021, witnessed the announcement of the Union Budget for FY 2021-22. The focus in this year's Budget is to strengthen the Sankalp of Nation First, Doubling Farmer's Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.

The Union Budget website contains the Highlights of the FY 2021-22 Budget. The Press Information Bureau (PIB) website also contains a summary of the Budget. The Budget proposals for 2021-22 rest on 6 pillars.

·         Health and Wellbeing

·         Physical & Financial Capital, and Infrastructure

·         Inclusive Development for Aspirational India

·         Reinvigorating Human Capital

·         Innovation and R&D

·         Minimum Government and Maximum Governance

GDP has seen a V-shaped recovery. With balanced focus and allocation in multiple sectors, Indian economy is poised to leapfrog on the growth path.

·         Government Reforms

·         Increase in borrowing limits of States

·         Privatisation of Public Sector Enterprise

·         Agriculture and Allied Sectors

·         Emergency working capital & Concessional Credit Boost for farmers

·         Agriculture marketing reforms

·         Extending SWAMITVA Scheme to all States/UTs

·         1000 more Mandis to be integrated with e-NAM

·         MSMEs & Industry

·         Collateral free loans for businesses

·         PM Garib Kalyan Yojana

·         Change in definition of MSMEs

·         Migrant Workers

·         One Nation One Card

·         Free food grain supply to migrants

·         Social Security benefits will be extended to gig and platform workers

·         Energy

·         Liquidity support for discoms

·         Commercial coal mining

·         Social Sector

·         National Digital Health Blueprint

·         Technology driven education: PM eVidya, National Foundational Literacy and Numeracy Mission

·         Health

·         137% rise in allocation

·         INR 35000 crore for Covid-19 vaccine

·         Research & Development

·         National Research Foundation with outlay of INR 50,000 crore over 5 years

·         National Language Translation Mission to boost Internet access

·         Deep Ocean Mission for ocean exploration and biodiversity conservation

·         Infrastructure

·         National Rail Plan aims at 100% electrification of Broad Gauges by 2023 & developing adequate rail infrastructure by 2030 to cater to projected traffic needs up to 2050

·         Increase modal share of rail in freight from 27% to 45%

·         Urban Development

·         MetroLite and MetroNeo for tier 2 and peripherals of tier 1 cities

·         Voluntary Vehicle Scrapping policy

·         INR 2,217 crore for 42 urban centres to tackle air pollution