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Ahead of F&O expiry, Sensex &
Nifty fall over 1.2%. Selling pressure continue to weigh markets down
as investors are jittery over the on-going Budget session amid derivatives
expiry for the month of February, which is due tomorrow. The stock markets
extended losses in the last hour of trade. The market closed lower for
second consecutive session ahead of Railway Budget and F&O expiry. The
Sensex fell 321 points or 1.37% to 23088 & the Nifty dropped 90 points or
1.28% to 7018. Finally Sensex
ended with a loss of 321 points at 23089. The Sensex opened at 23333, touched
an intra-day high of 23339 and low of 23057. The NSE Nifty closed with a
loss of 91 points at 7019. The NSE Nifty opened at 7075 hitting a high of 7091
and low of 7010. Investors would remain cautious ahead of the announcement of
Railway Budget, which will be unveiled tomorrow, and the Economic Survey, which
will be released on Friday.
Tomorrow if the bulls manage to hold the
Nifty above 7000 zone then they would try to push it up to today’s high level at
7090; however, the intraday volatility that we saw on today indicated the
nascent upswing has already run into rough weather. Thus, taking out the zone
between 7045 and 7075 would be very crucial if it were to turn into a
sustainable uptrend. In case, the index falls below 7000 on heavy selling it
might retest the strong support zone from 6970 and 6950.
STRATEGY: GO SHORT
WITH A STOP-LOSS AT 7050
SUPPORTS: 6940,
6900
RESISTANCES: 7050, 7100
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