Nifty trend has changed and has gone in an upbeat mood and we are likely to see a bull rally ahead of Budget which can take Nifty to the levels of 5500-5630 levels. It is good that market is showing strength and Indian economy is also showing positive indicators. A number of events are lined up in the market ranging from rail budget, RBI credit policy and finance budget and thus volatility will be the order of the day. RBI credit policy update is going to be a mute affair as RBI acted before time and did its task and provided market liquidity of 48000 Crores.
The market breadth was positive with 1,712 stocks gained on BSE and 1,215 ended lower. Thus make use of this opportunity and trade in hot stock of the day and make money like professionals. As a day trader keep an eye on the Nifty level of 5460 which if not crossed with volumes mean that we may see sideways to short term negative bias.
Global Market Cues
Global market cues are positive as dollar rose to its highest in almost a year versus the yen and held recent gains against the euro on Tuesday, as the Federal Reserve prepared to deliver its latest announcement on interest rates. The Economists see the Fed keeping the benchmark rate at effectively zero, and signal that economic conditions will likely warrant exceptionally low interest rates through most of 2014.
Eurozone finance ministers late Monday gave their final nod to a second bailout package for Greece after the country completed a debt swap deal with its private creditors last week. At the same time, the ministers said Spain may need larger consolidation effort to attain the deficit reduction target in 2013. Because of concerns about Spain, there was little reaction to news that Germany's economic sentiment improved for the fourth straight month in March.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Voltas, Bombay Dyeing, VIP Ind, LITL, Yes Bank, GMR Infra, Welcorp, RPower, GVKPIL & Havells.
Weak future stocks at NSE
Biocon, Adanient, Pantaloon R, OnMobile, Educomp, TVS Motor, M&M, Finan Tech, Essar Oil & Cipla.
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