Markets ended lower following the expiry of February
derivative contracts with IT majors leading the decline along with defensive
pharma and FMCG shares. Further, the Railway Budget announcement, which acts as
a precursor to the Union Budget, failed to boost investor sentiment. The
February derivative contracts which expired today recorded the highest turnover
in the F&O segment at Rs 5.81 lakh crore. "On provisional basis have
seen Rollover of 78% in Nifty futures compare 76.52% of Total rollover of Jan
series. Rollovers are better than past six month average .Nifty ended down 83
points at 8684. Nifty opned at 8779 made a high of 8786 and low of 8669 and
closed at 8683. Total 117 points was played by nifty throughout the day.
Tomorrow we are expecting high volatility in the
market due to beginning of March settlement and budget rally ahead. The
critical range for the day is located between 8650 and 8600. Unless this range
is broken on the downside, the bulls would try to pull the index up once again.
On the upside, 8720 through 8780 would be the first supply zone to watch out
for—once this range is taken out we can expect another dash at the 8800 or
higher levels. Further up, resistance is likely to be felt between 8850 and 8900.
On the other hand, if it were to go down below 8665 and sustain there it is
likely to get good support between 8650 and 8620.
RESISTANCE: 8700, 8750, 8800
SUPPORT: 8650, 8600, 8550
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