Tomorrow is budget day and high volatility would prevail the market. As per technical analysis suggest, nifty is taking support and close above the support zone, please view the chart below.
Nifty may correct further till 5320>5300>5280 and then it will turn up again. As global cue is very bullish. In the morning before starting the budget session market will be choppy and at around 11:00 AM it will start moving upside in speculation of good news. As it always happen good news been reveled first. Then as soon Bad news would start coming or below expectation news would drag the Nifty where it has started. Till now option writers are still bullish. On last budget day, Nifty has shown huge volatality, it was moved 170 points upside and then come down 170 point making a doji for the day. Please read my article: remembering Feb 28, 2011. Post the event there would be sharp fall in volatility. As EW count we have completed corrective wave and now, up trend would start to resume soon.