"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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