Budget history telling traders to not chase prices higher this week: Anand James
pre-Budget rally that has seen Sensex and Nifty touch unclaimed peaks this week may not sustain in the run-up to the D-Day, according to historical market trends ahead of the Budget.
“If history were to repeat, we should see a dip prior to the Budget announcement. So history advises traders not to chase prices higher this week,” says Anand James, Chief Market Strategist, Geojit Financial Services.
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What is the best strategy to trade the market in the pre-Budget week?
For the last few years, pre-budget week has seen Nifty reversing the prevailing trend that time. So, if history were to repeat, we should see a dip prior to the Budget announcement. So history advises traders not to chase prices higher this week.
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