Be cautious ahead of BUDGET. THIS IS SUPPLY ZONE.

Market cautious at current levels as tomorrow major event of UNION BUDGET.
Usually India VIX surges higher before Budget but this time IndiaVIX subdued because of no major expectation on this Budget. Stay cautious. Avoid taking more risk. Avoid taking positions until Budget event.
Technically this is huge supply zone, means Bears are active at current zone. Any time market can take U turn. Series of Negative Divergences in technical charts indicating that this bounce is not sustainable for longer time. This is counter trend move and temporary.
Regards,
Suryadev Bandari
Research Analyst

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