Budget 2023 Strategy: Motilal Oswal's Analysis

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Motilal Oswal Report.Nifty index has given a breakdown from its long consolidation of last 20 trading sessions with surge in volatility index. It is facing sustained supply near to its key moving averages and it started to form lower top - lower bottom in multiple time scale. It has broken previous month’s low along with formation of bearish engulfing pattern which has negative implication. Looking at the overall chart structure, bounce could be sold as recent trend got deteriorated after breaking key support of 17777-17850 zones. As of now till it doesn’t negate the structure of lower top - lower bottom, weakness could extend towards 17350 and 17200 zones while key resistances are shifting lower to 18000 marks. India VIX has seen spurt in last three trading sessions from 13.30 to 19 zones and hovering at highest levels of last 15 weeks. Surge in volatility with decline in prices ahead of Union Budget suggests some sort of concern in the market. It is advised to hedge your existing long position by buying Protective Puts or initiate Bear Put Spread in Weekly or Monthly expiries. It is also advised to reduce the cost of position in delivery by writing higher strike Calls in selective F&O stocks (covered call) as upside seems to be capped for time being.Click on the attachment to read the full report:.Union Budget 2023-24 Preview - Capex Focus To Stay But Rural Thrust Also Likely: Nirmal Bang.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Budget 2023 Strategy: Motilal Oswal's Analysis

Surge in volatility with decline in prices ahead of Union Budget suggests some sort of concern in the market.

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