Indian markets today: Taking a breather on budget

27 Feb, 2013 (8:35 AM IST)

Fellow traders, first of all, my heartfelt thanks to all those readers who joined our free NSE futures subscription week (that ended yesterday). Your feedback, response and positive reactions were worth the extra work I had to put in this week (and which has left me exhausted; working 20 hours a day is not easy even for a workaholic like me).

I hope you not only booked profits, but also learned some valuable trading strategies and will continue to follow those “what to do and what not to do in markets” rules in your personal trading.

For the rest of the gang from Indian markets; here is what might happen in markets today.

Indian markets are waiting for two big events later this week; Union budget and F&O expiry. Both event’s might make markets quite volatile so be careful with your trades.

The overall trend in Indian markets had turned bearish long ago and we were just waiting for Nifty to breach some major support levels to confirm this trend. Yesterday’s big fall did bring that confirmation from markets.

Today markets are taking a breather, as is expected after any big move. Also, the next prominent move will come after the Union budget tomorrow, which happens to be F&O contracts’ expiration day too.

Expect Indian markets to be range bound and most probably positive today, that is, if euro zone does not throw up any disappointing data. Dollar too is taking a breather since last session so that too will prove a respite for falling rupee and thus for broader markets.

Keep an eye on these Nifty levels to anticipate markets momentum. The D-day for Indian markets will be tomorrow; expect a relatively calm day in markets today.

Pivot:5782

Resistance One:5817

Resistance Two:5873

Resistance Three:5907

Support One:5727

Support Two:5692

Support Three:5636

Good luck and have a good day!

This entry was posted in Indian Stock Market and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

eighteen − sixteen =