26 February 2015

NIFTY OUTLOOK FOR FRIDAY 27 FEB 2015

Markets ended lower following the expiry of February derivative contracts with IT majors leading the decline along with defensive pharma and FMCG shares. Further, the Railway Budget announcement, which acts as a precursor to the Union Budget, failed to boost investor sentiment. The February derivative contracts which expired today recorded the highest turnover in the F&O segment at Rs 5.81 lakh crore. "On provisional basis have seen Rollover of 78% in Nifty futures compare 76.52% of Total rollover of Jan series. Rollovers are better than past six month average .Nifty ended down 83 points at 8684. Nifty opned at 8779 made a high of 8786 and low of 8669 and closed at 8683. Total 117 points was played by nifty throughout the day.
Tomorrow we are expecting high volatility in the market due to beginning of March settlement and budget rally ahead. The critical range for the day is located between 8650 and 8600. Unless this range is broken on the downside, the bulls would try to pull the index up once again. On the upside, 8720 through 8780 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 8800 or higher levels. Further up, resistance is likely to be felt between 8850 and 8900. On the other hand, if it were to go down below 8665 and sustain there it is likely to get good support between 8650 and 8620.
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RESISTANCE: 8700, 8750, 8800
SUPPORT:  8650, 8600, 8550

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