29 Feb 2008 8.30 am
As expected market yesterday was in an intraday range in 5220-5300. Volatility was seen as F&O contract expiry. In the final hour of trade, market closed in green with short covering.
Major factor influencing the market today is the Union Budget for year 2008-09, going to be presented in Parliament today. All eyes of bulls and bears are looking to the magic box of Finance Minister. Expectations and inspirations will ride the market today. Another factor is the global cue. After some days of pullback rally, US indices began to correct. Dow Jones was down by 112 points yesterday. All Asian market are also in the same path today. Nikkei is down by 354 points and hangseng down more than 300 points.
The situation in front of us is confusing. How the market will react to these factors? Technically we believe that 5220 on the downside and 5368 on the upside will decide the further market direction. A breakout from this band is required well.
FIIs were heavy sellers in Capital segment on Thursday. It was for 809 crores while DIIs bought for 732 crores.
Nifty March 2008 futures were at 5271, at a discount of 14.10 points as compared to spot closing of 5285.10.
NSE's futures & options (F&O) segment turnover was Rs 61,065.26 crore, which was lower than Rs 63,256.76 crore on Wednesday, 27 February 2008.
Market breadth was negative on NSE. 509:658.
Crude oil price at NYMEX hits a new record high - $ 102.70 and closed at $ 102.59 a barrel.
Indian ADRs ended mixed.
Global cue vs Budget vs Market
As expected market yesterday was in an intraday range in 5220-5300. Volatility was seen as F&O contract expiry. In the final hour of trade, market closed in green with short covering.
Major factor influencing the market today is the Union Budget for year 2008-09, going to be presented in Parliament today. All eyes of bulls and bears are looking to the magic box of Finance Minister. Expectations and inspirations will ride the market today. Another factor is the global cue. After some days of pullback rally, US indices began to correct. Dow Jones was down by 112 points yesterday. All Asian market are also in the same path today. Nikkei is down by 354 points and hangseng down more than 300 points.
The situation in front of us is confusing. How the market will react to these factors? Technically we believe that 5220 on the downside and 5368 on the upside will decide the further market direction. A breakout from this band is required well.
FIIs were heavy sellers in Capital segment on Thursday. It was for 809 crores while DIIs bought for 732 crores.
Nifty March 2008 futures were at 5271, at a discount of 14.10 points as compared to spot closing of 5285.10.
NSE's futures & options (F&O) segment turnover was Rs 61,065.26 crore, which was lower than Rs 63,256.76 crore on Wednesday, 27 February 2008.
Market breadth was negative on NSE. 509:658.
Crude oil price at NYMEX hits a new record high - $ 102.70 and closed at $ 102.59 a barrel.
Indian ADRs ended mixed.