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Mkts likely to be volatile ahead of F&O expiry: Nirmal Bang

Posted on: March 25th, 2009 and is filed under Brokerage Recommendations.

According to Nirmal Bang’s report, markets are likely to be volatile ahead of the March F&O expiry and we see Nifty trading in the range of 2,840-3,015 level.

Nirmal Bang’s report

Markets pause after a decent rally of almost 18.5% from the recent low of 2,540. Technically the current structure which is formed remains positive till nifty holds 2,840. After witnessing an 18.5% rally in a short period, market was bit overbought and a correction was overdue. And in this coming correction our sense is that Nifty should take support at its 50 and 100 day moving average which is at 2,780 – 2,830. And any fall in the markets should be used as a buying opportunity. Immediate resistance is placed at 3,015/3,060 levels.

Markets are likely to be volatile ahead of the March F&O expiry and we see nifty trading in the range of 2,840-3,015 level.

Stock Pick: Bharti Airtel can be bought on dip with a stop-loss of 570 for a minimum target of 660 in the short run. For intra-day if stock trades above 610 then we could see a smart rally.

source: Moneycontrol

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