Technical Outlook Of Nifty Fut(NSE-MAR):1-5 days

 Nifty Fut (NF): CMP-8965

For NF, immediate support level is around 8940 & below that 8900-8875 zone should act as positional support as of now.

On the upper side, NF has to sustain above 9030-9100 zone for short term target of 9300 and 9600 in mid term.

Overall, budget may be termed as pragmatic & realistic, though it may be below market expectations or may be termed as neutral.

Inflation outlook in the budget raised hope for rate cut in the coming days and coupled with that FII-FDI shareholding clarification prompts massive rally in scrips of private bankers yesterday. Going ahead, Bank Nifty may outperform the market (Nifty) and sustain above 19950, it may target 20925 zone again in the short term.

Market will also look into how key reform bills will pass from the parliament (Joint session of parliament may be on card for lack of majority of Govt. in RS). On the scale of 1-10, average rating of this budget done by most analysts is around 6. Reform will go on slowly & surely, but implementation of the same will be vital.

Trading Levels: Nifty Fut (NSE-MAR)

		Gap Up/Dw	(Indicative)
SGX NIFTY	8995	8
				NF-MAR	LTP	8987
	SL (+/-) 10 POINTS	FROM SLR
	Intraday Swing	Trader
			T1	T2	T3	SLR
Strong >	8960		8995-9030*	9065-9100	9120-9268	<8940
Weak <	8940		8914-8875*	8855-8812	8784-8717	>8960
FOR	Conservative	Positional	Trader
			T1	T2	T3	SLR
Strong >	8960		9030*	9100	9268-9300	<8940
Weak <	8940		8875*	8812	8717-8601	>8740