As mentioned on Friday morning, I was correct in anticipating that Friday would be the day when my M1 and M5 both were in danger to be broken convincingly. Nifty closed yet on a strong note on Friday despite bad global cues which was an indication of the fact that some goodies are being expected by the mkts from the interim budget today. There are already talks of tax breaks, STT changes and lower interest rates doing rounds in south block (and in every trader's room) so today can be one of the big 'DOWN' days if the inetrim budget fails to deliver these goodies. I also didnt like the fact that NIty gave up 30-40 points in last 30 mins which was indicative of some long positions being unwinded at the last moment... not a very comforting sign for bulls is it?I would suggest NF holders to book profits at the open and switch to 3000 calls for atleast today. Techinically we are still bullish and NIfty can touch 3100-3160 this week itself.
Magic Numbers of today
NF = 2900, 2925, 2951, 2974,3000 (again today 2900 or 3000 might get taken out)
Cheers
SH
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