It
looks like that much talked about pre-budget rally, it is finally here in
anticipation of a strong pragmatic Budget. Both the Sensex and the Nifty rose
to their fresh lifetime highs in trade today, Sensex
rallied over 230 points to hit its fresh lifetime high of 25749 in trade.
Tracking the momentum, the Nifty index also managed to rally over 60 points to
hit its fresh record high of 7700, supported by gains in banks, capital goods, The
market breadth indicating the overall health of the market was strong due to
having expectations of a growth oriented Budget. The index was paused for sometime
but today it looked as it is just about to move up again in today’s session
with a strong momentum to begin with. Today nifty future started at 7709 made a
high of 7758 and low of 7702 and closed at 7748 total 56 points was moved by nifty
future. Today the level of 7000 was decisively taken out by nifty future, but it
was not having so much movement. Tomorrow once the Nifty gets past 7750 and
stays above than we can expect it to scale up and test the supply pressure
around the level of 7750. Between 7700 and 7729, it could face considerable
supply overhang but once this zone is taken out decisively, we are likely to
see further up moves that would help it cross levels between 7700 and 7850 going forward. Unless the index closes below 7580, all intraday dips could well
see the bulls creating fresh positions at lower levels.
Bank
nifty also crossed it’s decisive level of 15500. Today Bank nifty started at
15540 made high of 15644 and low of 15465 and closed at 15596, total 179
points was moved by bank nifty. The level of 15500 is one significant level for the day that
has the potential to tell you what you can expect from the tomorrow session. If
the index will stay above this level for any significant length of time
attracting fresh position build up then be certain that the Bank Nifty is in
for a strong upsurge. It will try to touch the new heights, the expected level
from bank nifty will be 15700-15800 However, any half-hearted attempt like
yesterday would be a sign of another round of sell-off awaited again. Going by
the overall positive sentiment this may not be the case while a strong up move
is one that might be just round the corner. On the downside, in case of any
profit taking, this index is likely to get good support 15250 and 15200. Only
if you see it closing below 15280, consider the upward momentum to have totally
dissipated.
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RESISTANCE: 7730, 7760, 7790
SUPPORT:
7700, 7670, 7640RESISTANCE: 7730, 7760, 7790
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