25 February 2015


In volatile trading, the Nifty index today failed to sustain initial gains and ended almost flat on caution ahead of expiry of monthly derivative contracts and much-awaited Union Budget. Nifty moved up by 5 points to finish at 8767 after hitting the day's high of 8840.
Thursday will see markets reacting to the Railway Budget as well as portfolio churning by investors as monthly derivative contracts expire. Volatility might remain, given the key trigger is post expiry and tomorrows railway budget can possibly provide some direction.
The broader markets would see more volatility relative to the nifty index. Now, in tomorrow’s session if there will be any profit taking then the range between 8850and 8880 would act as a strong support zone; hence, unless you see the index falling below 8700 decisively, the current momentum of the last three sessions would remain active. On the way up, once the level of 8850 is taken out it would be 8885 and 8900 that would be the two resistance levels to watch out for tomorrow.The focus is solely and largely on the Union Budget.After the Economic Survey on Friday, the Union Budget would be presented by Finance Minister Arun Jaitley on Saturday.  We expect the markets to remain volatile and be range-bound in the near term provided the Budget meets market expectations or else, we may see steep correction in successive sessions. People are waiting for the big event. Expectations are high and I think the budget will be the trend setter. But we advise our clients to be cautious.
More about intraday tips on Google +
RESISTANCE: 8800, 8850, 8900
SUPPORT:  8750, 8700, 8650

No comments:

Post a Comment