The markets
opened with a bang this morning after the RBI Governor Raghuram Rajan sprang a
surprise by announcing a 0.25 per cent cut in repo rate. Nifty touched a life
high of 9119. Nifty had risen nearly 3 per cent in the previous four sessions
on Budget announcements, which were mostly viewed positively by market
participants, but the momentum did not last for long with concerns over
corporate performance and the weakness shown by European markets unnerving
investors. Nifty fell 74 points to end at 8922 levels. Nifty opened at 9109
made a low of 8893 total 226 points was played by nifty throughout the day.
The index is likely to continue the upturn. . The
critical range for the tomorrow is located between 8870 and 8845. Unless this
range is broken on the downside, the bulls would try to pull the index up once
again. On the upside, 9150 through 9200 would be the first supply zone to watch
out for—once this range is taken out we can expect another dash at the 9235 or
higher levels. Further up, resistance is likely to be felt between 9250 and 9270.
On the other hand, if it were to go down below 8850 and sustain there it is
likely to get good support between 8820 and 8800.
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RESISTANCE: 8950, 9000,
9150
SUPPORT: 8900, 8850, 8800
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