The market kick started the week with a
strong rally. The Nifty managed to reclaim 7600, up 102 to end at 7611 while
the Sensex was up 313 points at 25413. The Sensex rallied as much as 305 points
in trade today, despite muted trend seen in other Asian markets .Tracking the momentum, the Nifty index was trading
near its crucial psychological level of 7600, supported by gains in banks,
capital goods, and power and realty stocks. Today Nifty future started at 7556 made a high of 7649
and low of 7555 and closed at 7623, total 93 points was moved by nifty future. For
tomorrow nifty future will move in a range of 7650-7680 nifty will try to touch
the level of 7695 and at the other side 7594 will be proved as very good
supporting level for nifty future. Stock market will most
likely see bullish trends this week in the run up to Union Budget as investors pin hopes on strong reform measures to rev up
the economy. The pre-Budget rally begins from this week.
Bank nifty is showing some degree of
weakness since it is unable to sustain at higher levels of 15500-15800 however,
it attracts good buying close to the 15000 level. Today Bank nifty started at 15189
made a high of 15,450 and low of 15189 and closed at 15350, total 261 points
was moved by bank nifty. So long as the Bank Nifty does not fall below the
major support area between 14858 and 14610, it can post a bounce back at any
point in time. However, any breakdown below 14450 will spell major trouble for
the banking sector. Today is likely to be critical for the banking sector stocks
like SBI, ICICI Bank and some other PSU banks should either show recovery from
the current levels or they fall significantly from here. SUPPORT: 7600, 7570, 7540
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