Today's market activity was the best example of volatility ahead of the budget.
Nifty index rose by 26 points, to close at 8895. Intra-day, it moved between 8794
and 8913. Nifty briefly slipped below crucial psychological levels of 8,800 led
by selling in ICICI Bank, State Bank of India and ITC. The Nifty was closed at
8895 level. It touched a high of 8919 and a low of 8794 in trade today. Total
125 points was played by nifty throughout the day.
If the index were not to fall below the 8750-level then we can expect it to continue to try moving upwards and test the supply zone between 8930 and 9000. If the upper boundary of this supply zone is breached with high volume activity and large scale position building then we can expect further upward movement to happen here. This index, on the other hand, facing some eventual selling pressure due to profit taking or any other reason, is expected to get some good support between 8765 and 8723 while its major demand zone remains firmly placed at sub-8700 levels between 8685 and 8650.
If the index were not to fall below the 8750-level then we can expect it to continue to try moving upwards and test the supply zone between 8930 and 9000. If the upper boundary of this supply zone is breached with high volume activity and large scale position building then we can expect further upward movement to happen here. This index, on the other hand, facing some eventual selling pressure due to profit taking or any other reason, is expected to get some good support between 8765 and 8723 while its major demand zone remains firmly placed at sub-8700 levels between 8685 and 8650.
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RESISTANCE: 8900, 8950, 9000
SUPPORT: 8850, 8800,
8750
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