How to trade Nifty in Union Budget Week

Last Week we gave Chopad level of 7515, Nifty did all 3 target on upside. Next Week is full of event, Finance Minister Arun Jaitley will present the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST on Thursday and  First quarter corporate earnings season begins next week. Private sector bank IndusInd Bank will unveil Q1 results on Wednesday, 9 July 2014. IT major Infosys is scheduled to announced Q1 results on Friday, 11 July 2014.   I have discussed Nifty performance on Union Budget day here Nifty’s Movement on Union Budget day  .Lets analyze how to trade Nifty in next week.

 Nifty Hourly Chart

Hourly charts after breaking out of trendline are just moving in gaps and rallying, All 5 days of last week nifty opened with gap up and rallied.  Hourly trendline resistance comes...

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