MAJOR RESISTANCE LEVELS: 5798-5911-5978
MAJOR SUPPORT LEVELS : 5632-5565-5451
Indian markets showed a heavy fall in indices. Nifty lost 104 points ( 1.79%). Though there was a steep decrease in stock prices, TCS gained a remarkable increase of 2.53%. RELINFRA was the top loser in NSE with 9.44% decrease. Nifty was bearish for around 3 months and the downward movement was pending. This late movement became very sharp one as usual.
Nifty (closing): 5693.05
Though Nifty is at bearish zone now, we cannot predict the accurate direction. Anyway, there is a chance for a correction for yesterday's big fall. Major support will be at 5630-5640 range and resistance at 5790-5800. Market movement is unpredictable as how budget makes impact on Industrial sector and economic sector of the country.
Indian markets are eagerly waiting for the reaction of budget. In a single word, union budget can be described as 'a neutral one'. Obviously, there are not any remarkable positive and negative facts behind the digits of budget. The intention of the budget is to achieve GDP between 5-6%. But, we have to wait to see the results.
Nifty closed below Lower Bollinger Band level, 5751 yesterday and Middle Bollinger Band stands at 5895. MACD indicates a bearish market. Stochastic, RSI and Moving Averages depicts a neutral market.
US markets closed in red today. European and Asian markets closed in green last trading session. Brent Crude prices decreased. Rupees could not maintain strength against Dollar.
India VIX closed at 14.86 with 8.44% decrease.
GOOD LUCK.................
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