Markets were moved by the Budget impact and volatile movements with good volumes were observed for the whole session. Nifty future moved in the range of 150 points where it found stiff resistance at 5500. Selling pressure was seen from the level of 5450 where it slipped towards the support of 5330. Now, in the coming sessions if it sustains below 5300 then it is expected to trade around near support of 5200 while 5480 will act as strong intraday resistance.
TREND: DOWN
SUPPORT : 5300 & 5230
RESISTANCE: 5400 & 5480
Major Market News-
· Sensex ends 210 pts down post Budget; oil & gas down 3%.
· Union Budget: Fiscal deficit target set at 5.1% of GDP in Budget 2012-13.
· Jewellery makers shares down on gold customs duty hike.
· ONGC declares second interim dividend of 30%.
· BHEL pays 136% interim dividend for fiscal 2011-12.
Technical View-
BOMDYEING FUTURE HAS MADE REVERSAL PATTERN ON ITS DAILY CHARTS. HENCE, FOR THE COMING WEEK SOME SELLING IS EXPECTED.
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