27 February 2013

NIFTY OUTLOOK FOR TOMORROW

The market is driven mostly by fundamentals of economy rather than the Budget. Volatility may remain high on the bourses tomorrow, 28 February 2013, as traders roll over positions in the futures & options  segment from the near month February 2013 series to March 2013 series. Nifty was up 34 points to 5,795, as per provisional figures. The index hit a high of 5,818.20 in intraday trade. The index hit a low of 5,749 in intraday trade....
However, we are very closely watching how the finance minister  would be financing the fiscal deficit. The index has come quite close to another important support area between 5740 and 5710 if this demand zone does not bring the buyers back then we have a real problem at hand. Now, we need to watch out if there were to be a rally what would be the amplitude of such a rally. Our take now is very clear unless the Nifty gets past 5840 – 5850 range decisively there would be not any durable rally. On the way down, support is likely at 5720 and then the range between 5720 and 5700 is a major support zone. A decisive close below 5650 going forward in the short term would tilt the balance almost totally in favor of the bears.
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RESISTANCE:5760 5740, 5720
SUPPORT:     5700, 5680, 5650

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