The Indian markets shut the lacklustre session on a flat note owing to select buying by funds and late profit booking. It was a sedate start to the week. The key benchmark indices witnessed a rangebound trade amid volatility and closed on a flat note with a positive bias. Lack of conviction among investors led to quiet session. Select buying by funds and also late profit booking eroded early gains. The broader market underperformed the Sensex.
Immense volatility was witnessed in late trade with the market retracing sharply from intraday high to slide into negative territory only to rebound thereafter.
The next major trigger for the stock market is Union Budget 2011-2012 to be unveiled by the finance minister Pranab Mukherjee on 28 February 2011. Investors will watch if the Finance Minister announces measures to rein in inflation and inflationary expectations. The Finance Minister may announce a new road map for the Goods & Services Tax (GST). The government may also announce some populist measures in the Budget given that assembly elections are due in Kerala, Tamil Nadu, West Bengal and Assam. In all these states, the Congress is potentially looking to regain power or to retain it.
FOR TODAY: The trend deciding level for the day is 5,400 levels. If and only if, Nifty trades above this level during the first half-an-hour of trade for 5-10 minutes, then we may expect a level of 5,421-5,445 level. However, if it trades below 5,400 levels for the first half-an-hour of trade then it may correct up to 5,369-5,340 levels. From today, ONGC lot size changed from 250 to 1000 since 8th February, 2011 is the ex-date for bonus 1:1 and split from Rs. 10 to Rs. 5. It may open around Rs. 300 and Investors may grab as per their capability.
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