Nifty has moved in a directionless manner all of last weekwithout testing any major support or resistance levels. As indicated in the chart the support now seems to be at 4700 which is the present position of the 200 DMA and the resistance is at 4950. It looks likely that the outcome of the budget and the market perception of it will be the decider in whether the market overcomes its resistance or falls below the supports. Interesting week ahead.
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