After a nonstop crash in Indian
stock market nifty recovered sharply from an important support of 5730. There
was a bullish divergence on stochastic oscillator on 1 hour chart. Nifty can
move up to 5860 in this bounce back. It is difficult to say that nifty will
sustained here or not because of the uncertain scenario before the budget. One
should remain cautious taking positions before expiry, although positivity is
building on technical charts from an important support. Stochastic Oscillator is
giving buying indication from here. Tomorrow is a budget day so it’s better not
to trade. If someone want to take position he should take hedged position.
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