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As anticipated the markets were volatile as we saw a two sided move during trade yesterday. At the current juncture there are too many positive & negative forces working together that could lead to market fluctuation. Reasons being…..

1. Rise of crude oil price due to developments in LIBYA.

2. Reliance’s biggest deal with BP.

3. European & Asian markets down by more than 1.5% due to LIBYA effects.

4. News flows ahead of announcement of Budget on 28th Feb.

5. Our Futures & Options expiry on 24th Feb.

So, in this challenging time it would be difficult to pin point the market direction but based on technical levels we could take some directional cues. The charts suggest that the short term trend is good as long as markets stay above 5375 & 5540 on the upside will be trend deciding level. There is a momentous upward move expected once Nifty starts trading above 5540, till then we will witness markets drifting & finding support near the 5400 levels. Lastly, banking stocks will again positive momentum if Bank Nifty trades above 11000.

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Written by Rakesh Gandhi

February 22, 2011 at 3:04 pm

Posted in Market Update

Tagged with , , , ,

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