On the higher side, the monthly resistance is placed at 15,300. A bounce from the lower range of 14,680-14,730 is expected, says Srivastava.
A break below this level can also lead to a swath of investors who will look to book profits and can push the index as low as 13,100 levels. Hence, experts believe that traders should tread cautiously from hereon
Traders should look to create long positions on Nifty in the range of 14,300 with strict stop loss levels of 14,200 on a closing basis.
Union Budget during the weekend might be a reason behind low rollover and fresh positions are likely to build post-event.
Among other sectors, Prakash Diwan believes the rally witnessed in metal space today was more of a pre-Budget rally. “Metals have bottomed out,†he added. He also suggests buying infra space and capital goods now as these sectors are likely to rally over the next two weeks.
US markets bounced back from a two-day rout, led by a reverse in the price of crude and strong job market data.
In the February series, Sudarshan Sukhani of s2analytics.com sees continued correction or consolidation, but it may be a lot less volatile than the January series. He believes the Nifty can touch 9000, but not overshoot the mark.
For the February series, former gained 2.2 percent and latter rallied 2.7 percent supported by banks and capital goods stocks, but broader markets outperformed benchmarks. CNX Midcap and BSE Smallcap indices jumped over 4 percent.
Sudarshan Sukhani, s2analytics.com, feels that as the market is choppy, we should stick with quality stocks that are in confirmed uptrends. Talking to CNBC TV18, he recommends a buy on Bajaj Auto and Sun TV in the coming week.
Amit Dalal of Tata Investment explains, in an analysis on CNBC-TV18, that the oil and gas sector over a 12-to-18-month view is a lucrative investment option on widespread consensus of the need to reduce then subsidy burden and advises investors to brace for a correction in the US and European markets
The January series is done and we start off arguably the most important month of the year with the budget in it – that‘s the February series. Today is a big day for earnings as well. Bharti, Bharat Heavy Electricals (BHEL), IDFC and Hindustan Construction will be some important numbers to watch.
The US stocks fell in trade after a batch of disappointing corporate earnings and a rise in initial jobless claims eventually overtook investors' impulse to buy.
SP Tulsian of sptulsian.com tells CNBC-TV18 that the worsening has stopped for banks and there is improvement in the asset quality and the apprehensions that people are expecting from the banks.
SP Tulsian, sptulsian.com shared his reading and outlook on stocks land market. Speaking on the February series he said, “I will keep positive stance on the February series and expect t the Nifty Future to move to a level of about 6,300 or so.
In an interview to CNBC-TV18, Vineet Bhatnagar, MD, MF Global said that the current rally is showing no signs of exhaustion at the moment. He feels that the Nifty is likely to get support at 5000-5100.
Indian markets are not showing any kind of resilience. As they tank further there is panic and growing concern that selling pressure may continue even till the end of budget.
It was a bad expiry yesterday as it really got crunched down all the way down to 5600. A very undesirable closing level for the Nifty, which means we start off February series on a shaky note.