28 February 2013


Key benchmark index dropped in choppy trade after Finance Minister P. Chidambaram raised the surcharge on corporate tax to 10% from 5% for domestic companies, whose taxable income exceeds Rs 10 crore per year, and The next two to three months we might well see equity markets all over are falling further and economic situation getting plagued by a lot of uncertainties due to various reasons including Italy failing to form a stable government...
For the day, watch out for levels between 5660 and 5700—this is the first key resistance zone for the day whether the index manages to get past this first hurdle or not. However, it is best not getting trapped here and use any rally to pare short to medium term long positions. After the second big fall on Tuesday, the index showed a volatile wide ranging day yesterday indicating lack of direction for the market. Hence, we tend to think that a short term bottom might well been formed.
On the downside, the range between 5630 and 5600 would continue to provide strong support,. Major support—in the event of any sharp and/or big sell off—is located within the range between 5600 and 5620.

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RESISTANCE:5620 5650,5680
SUPPORT      :5600, 5580, 5520


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