2 March 2016


"BUY NIFTY ABOVE 7350 TGT 7400/7500 SL 7300"
Today there was a stellar rally in the market, continuing for the second consecutive session. The rally was largely led by banks, especially due to change in rules that determine banks' regulatory capital, which would be big boost to PSU banks that have been struggling with NPA issues. Bank Nifty jumped more than 4 percent. The Sensex surged 463 points to 24242 and the Nifty climbed 146 points to 7368. The gains on Wednesday build on the 3.4 per cent rise on Tuesday after the government stuck to its fiscal deficit target for the next financial year, raising hopes the central bank would soon cut key policy rates. It was a pretty good budget because he (Finance Minister) did meet expectations in most areas and surprisingly given the additional commitments on the rural side, he was still able to stick to fiscal deficit target.
Tomorrow on Thursday another gap up opening could well be likely! We are likely to see further upward movement in the tomorrow’s session. However, the range between 7380 and 7450 would emerge as a strong supply zone, once if these levels will cross 7500 will be the next target for bulls. At the other side if down trend will take place then 7250 will act as highest supporting level for nifty.
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RESISTANCE: 7380, 7420, 7460
SUPPORT:  7350, 7310, 7270

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