Mkt View

Hi Friends,
To begin with its a trend less market.One day when the market tends up and closes in green.The other day market opens gap up and closes in red.These kind of markets make positional trading almost impossible.WE can be sure what lies ahead in the Indian markets but as analysts have our own geographical limitations on tracking global events.We are in the same range and Nifty is not showing short covering ahead of an important event like budget.Markets should had made a newer high in nifty eod charts yesterday.It was a golden opportunity missed by the Bulls yesterday.If someone follows the Nifty eod charts then the Nifty has made a double top in nifty eod charts .the double top is created at 5368 level and is exact in nature.Any upmove now will have to cross 5368 levels.There is a long legged doji observed yesterday.We have futures settlement today and i believe markets will show the extreme level of volatility.A stock to watch out will be reliance if the uptrend resume.Stock is poised to move higher above 2640 levels.With penultimate day to the budget we can expect the market participants to go ahead in the Budget with lighter commitments.Today market participants will also keep a watch in the data from economic survey.
Nifty supports 5210-5233 Nifty resistance 5285-5300