Nifty Fut(NF) has positional resistance around 8780-8800 zone, sustaining above which 9000 level is on the card by next few sessions. Going by the momentum, NF may scale 9600 zone after budget (if it fulfills 2-nd generation reforms as promised by our FM).
On the downside, 8665 area is immediate positional support as of now & sustaining below that, we could see 8530 & 8450 level again (low possibility as of now).
IMF forecast of India's accelerated GDP growth in the coming years & the imminent QE by ECB (EURO 500 B is almost a done deal) along with some good news for Metal sectors acted as a trigger yesterday.
Trading Levels: (Nifty Fut-NSE-JAN)
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8736 | 24 | ||||
| NF-JAN | LTP | 8712 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8690 | 8735-8765 | 8780-8800* | 8825-8850 | <8670 | |
| Weak < | 8670 | 8650-8630 | 8588-8557* | 8530-8492 | >8690 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8690 | 8765 | 8800* | 8850-9010 | <8670 | |
| Weak < | 8670 | 8630 | 8557* | 8492-8450 | >8690 | |
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