Despite China RRR cut, global market make took a retreat from high late night yesterday for somewhat surprise ECB action on Greece (ECB turns off emergency funding taps to Greece against its own Govt.bond, although other mode of funding is still there albeit with higher cost) ahead of today's schedule meeting with Germany. Clearly this a pressure tactics on the part of ECB on Greece, so that it will not deviate on the path of scheduled fiscal discipline under new Govt. But for Greece, it has nothing to loose a fresh as long as it could keep "Mr. Market" as hostage to its whims & fancy.
For Nifty Fut (NF), 8760-8730 zone will be important today & below that visible support is seen near 8669 zone. Consecutive closing below 8669, may invite 8500 zone as of now.
On the upside, NF need to close above at least 8805 today in order to reverse the falling trend for the last few days, budget hopes may help.
Trading Levels: Nifty Fut (NSE-FEB):
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8763 | 6 | ||||
| NF-FEB | LTP | 8757 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8760 | 8783-8804 | 8825-8865* | 8895-8940 | <8740 | |
| Weak < | 8740 | 8716-8700 | 8669-8649* | 8630-8605 | >8760 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8760 | 8804 | 8865* | 8940-9030 | <8740 | |
| Weak < | 8740 | 8700 | 8649* | 8582-8515 | >8760 | |
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