16 February 2015


Market was volatile today, ahead from tomorrow’s trading holiday and going-on Eurozone meet.  After a strong opening, the markets pared majority of its gains due to holiday and weak European markets. The Nifty opened higher on Monday tracking positive Asian markets. The Nifty opened on a strong note in trades on Monday and touched intraday high of 8870.  Nifty opened at 8831 made a high of 8870 and low of 8793 and closed at 8809. Overall uptrend continued in-line with pre budget rally.
For Wednesday range between 8830 and 8870 for the Nifty would act as the most critical zone: if the bulls were to be able to hold the index above this zone then they would continue to display strength even though they would need to get past 8840 and 8885 on the upside to march ahead and retest theearlier high at 8996. If we see the index going down in profit
taking then we need to keep a watch over its price behavior and see if the strong support between 8753 and 8733 hold the index from falling further. In that case, again the bulls would start buying; however, in case of any sustained fall below 8733 and expect a slide down to test the 8670 through 8650 support area. Be that as it may, bulls would not lose the initiative till you see the index closing below 8650 in the short run.
Whereas, based on Europe market movement we can interpret that investors do not expect Euro & Greece to take extreme action which can impact treaty. Investors expect that both will compromise to make a deal. Volatility will continue till the time the leaders find a harmony. Assuming the same budget will be the most important outcome for India. 
Tomorrow, the Indian Markets may remain closed on account of Mahashivaratri.
More about intraday tips on Google +
RESISTANCE: 8830, 8880, 8930
SUPPORT:  8780, 8730, 8680

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