28 Jan, 2015 (9:29AM IST)
If global cues don’t become too weak, then I won’t be surprised if Nifty tries to touch 9,000 before the Union budget. If global cues become stable, then I won’t be surprised if Nifty touches 10,000 before budget.
Indian markets are rallying on a “business friendly” government ( or, businessmen friendly, as some people call it 🙂 )
This hope rally will continue on hopes of a rate cut in February and then more easy policies for industries in the next budget.
All this will be considered good only, I repeat, only if global cues remain neutral or positive.
In case the Fed’s policies bring some bigger negative trend in global markets, then Indian markets may also see some correction.
For today, Nifty has major resistance near 8950 and major support at 8887. Above this levels, the uptrend in Nifty and broader Indian markets will continue.
Between these levels, a range bound trading pattern might make Nifty bounce up and down through the session. Watch carefully and then trade with the trend.
Have fun! Have a great session in markets today.
See you later.