Nifty Technical Analysis before Budget 2016

• FII's bought 15.4 K contract of Index Future worth 734 cores ,8.4 K Long contract were added by FII's and 7 K short contracts were liquidated by FII's. Net Open Interest increased  by 1.3 K contract, so rise in market was used by FII's to enter  long and  exit shorts in  Index futures. Impact of the Union Budget on the Indian Stock Market
  

As discussed in last analysis Nifty made low of 6961 and closed near 6970, near the gann confluence of trend line and just above the green arc. Holding the same we can see bounce back till 7058/7110. Break of green arc can see nifty moving towards 6830/6800 range. High made

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