20 February 2015

NIFTY OUTLOOK FOR MONDAY 23-FEB-2015

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A strong rebound during the latter part of the trading session took key benchmark into the green from red in what a choppy trading session. A strong rebound materialized during the last one hour of the trading session after news reports filtered in that Greece has submitted a formal request for a loan extension. The weekend factor ahead of the all-important Budget week also weighed on the sentiment. The Nifty was hovering around 8850; Nifty plunged to a low of 8816, and finally ended with a loss of 67 points at 8828.
Markets were under pressure given the uncertainty in Greece. Until there is any clarity over the same, investors would continue to remain cautious. Coming to domestic affairs, with the results season out of the way, investors and traders will shift their focus on the January eight infrastructure industries data and Fiscal Deficit numbers which are scheduled to be announced in the coming week. Also expectations of reforms announcement in the Union Budget would also act as the next big trigger. Chances are we would see a retest of the Jan 30 all-time high of 8996 shortly.
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RESISTANCE: 8850, 8900, 8950
SUPPORT:  8800, 8750, 8700

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