INSUBCONTINENT EXCLUSIVE:
Union Budget: Support for Nifty on down side is placed at 11,700.Budget 2019 will be announced on July 5 by the country's first full-time
woman Finance Minister Nirmala Sitharaman
Equity market participants will closely watch out for announcements for full Budget of the financial year 2019-20
The S-P Sensex and NSE Nifty 50 Indexes corrected 0.8 per cent and 1.12 per cent respectively in the month of June and all eyes will be on
the Budget announcement, says Mustafa Nadeem, CEO of Epic Research.Nifty has seen some contraction on moving average convergence divergence
(MACD) charts which indicates there may be some sideways consolidation in the coming weeks
Meanwhile, concern is on the strength which is lacking or deteriorating every week
There is a divergence on relative strength index (RSI) which signals a caution in a bullish approach in the short term and trend indicators
are showing markets to be in a no-trend state for now while the bias remains bearish in the short term, Mr Nadeem said.Budget will be
presented next week and that will shape the future trend of the equity markets
There will be possibly an increase in volatility and it will further hurt any directional trader for the very short term
Since the importance of Budget 2019 is high and is able to produce large trend we believe it is better to be on the side lines, Mr Nadeem
said.On technical parameters, Nifty was pretty much within the range that was seen in the previous week and managed to recover the losses
Since it was the monthly expiry week, we saw writers eating away the premium.Currently support for Nifty on the down side is at its 50-day
moving average which is placed at 11,700
If Nifty falls further, the next support will be at 11,600, Lovelesh Sharma, head of research at Epic Research told TheIndianSubcontinent
On the upside, Nifty will face resistance around 11,843 levels, he added.Get Breaking news, live coverage, and Latest News from India and
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