NIFTY PREDICTION FOR 13 FEB 2020

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Bulls come back strongly and pushed above 12200 mark tracking gains in Asian markets, on hopes that the worst of the coronavirus in China may have passed. Positive commentary from the government and some encouraging data from Reserve Bank of India also helped the market sentiments to get raised. The Sensex rose 350 points to close at 41566, while Nifty climbed 93 points to settle at 12201.

Market has been strong for last 2 days giving an early indication of the buoyancy and value in the broader markets. While the market gains could extend in the coming sessions, we prefer to remain cautious at higher levels. We believe volatility is likely to remain high in the near term. Meanwhile, investors would keep a watch on key macroeconomic data like CPI, IIP and WPI as well as continue to track global markets. Nifty is headed for 12300-12400 in the near term. We have continued to maintain bullish stance on the markets even during the downside which has worked very well. Immediate support is placed at 12100 zone.

Resistance: 12250, 12300, 12350

Support: 12150, 12100, 12050