NIFTY Still Rangebound

NIFTY seems to be moving in the range as shown in the chart. It has taken a reversal from support and given a close in the Green. However, it needs to breakout of the channel and give a close above the 200DEMA for any meaningful entry. Even good stocks will get battered if the Budget does not meet the expectations. Therefore, the following are very important at this stage:

1. A Close in the Green above the 200DEMA.
2. NIFTY Breaking out from the channel with good volumes.
3. Most importantly, sone good takeaways from the forthcoming budget, which might bring back the smart money from FIIs.
4. Hopefully, some good results from the companies which haven't been great so far.