As expected, the markets closed flat with low volumes of trade. BSE closed at 9043 & Nifty managed to close at 2790. We again saw much volatility in the markets & some new driven individual stocks like Spice Tele closed at 20% gains.
Inflation figures at 3.96% failed to accelarate the markets. We even saw good fluctuations in Bank Nifty today & my intraday call in Bank Nifty (delivered through Yahoo Messanger) earned good & quick returns.
The Nifty index seems to be holding strong support around 2770 levels from past 2 days which brings the view that bulls party has not ended still. I would suggest the intraday traders not to carry any longs or shorts in view of the increasing volatility.
Stocks to watch for tomorrow in the F&O space are ONGC, Reliance Capital, Reliance Communications, Satyam, Bharti, ITC, DLF, HDIL & Ranbaxy. We can expect good movement in this stocks.
Nifty Levels For 20.02.09
Nifty will form the support around 2770 levels again. Any bad news can trigger Nifty towards 2740 levels.
Nifty forms Res. around 2820-2840 levels. Markets are again expected to trade with low volumes on account of settlement issues & bank holidays.
Thank You.
CAclubindia
