The surprise move by RBI has gone well with the market as participants were expecting a 50 basis points cut and here they got “Jaroorat Se Jyada Offer” where they got 75 basis point cut which has infused Rs 48,000 Crores in the banking system. RBI cut the Cash Reserve Ratio (CRR) by 75 bps on Friday.
Now Nifty is in bullish mode till the time it is able to hold 5300 levels and with a slight deep support we can say that Nifty has changed its trend to bullish till the time it is able to hold 5167 level which happens to be its 200 day moving average (200 DMA) and this point was clearly elucidated in our last Nifty analysis. So; now is the right time to get aboard day trading ship where one gets to trade with a single hot share of the day and one can pocket the profit in less than 2 hours. The key to making money in stock market lies in trading bare minimum, but in absolute genuine and reliable stock which is going to give a perfect breakout money.
At higher levels, profit booking will be encountered till the time Nifty is able to breakout past 5450 level. As a net result the BSE market breadth was positive. Out of 2,947 shares traded, 1,845 shares advanced while 989 shares declined and a bullish hammer formation is visible on charts with a caveat. The key events to watch in coming days ahead are railway budget on 14 Mar followed by Finance budget and sectors which are likely to show positive movement in coming week are rate sensitive sectors like real estate, banks, construction and autos are likely to react positively. This can be attributed to off take of loans at lower rates.
Support and Resistances for the Day
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Strong future shares at National stock exchange
VIP Ind, Yes Bank, Welcorp, Voltas, RPower, Pir Health, BGR Energy, Unitech, CESC & IFCI.
Weak future stocks at NSE
Adanient, MC Dowell, DCHL, Dish TV, TVS Motor, Hindalco, Educomp, OnMobile, Pantaloon R & Essar Oil.
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