Nifty again did not manage to close above 2950. The coming week (16th Feb) promises to be a highly volatile. The Union Budget which is due on Monday can really tend the markets anyways from here. But the short term bais still appears on a downward side untill the Nifty trades above 3250 sufficiently for few trading sessions.
As we have Union Budget due on monday, we can expect a few good news related to stock markets like reduction in Capital Gains Tax, reduction in STT. even the FDI norms are made soft. This can pull the FDIs volume into our markets.
So, considering all the above, Nifty will start on soft notes on monday, but the remaining sessions will be highly volatile with some good volumes of trade.
Expected Range for the week
Nifty has Res. around 3030-3050 levels, above this we can see 3100.
Whereas the strong support is seen around 2880-2800 levels.
Nifty will trade betwwn this range for the entire week. Any breach on either side will see a good building positions either Shorts or Longs.
Strictly avoid Intraday Trades on 16th Feb
CAclubindia
