Market Watch : With Budget behind, traders position for a 25bps rate cut - Geojit Financial Services Ltd
Nifty Outlook
Despite the relatively strong close post Budget, the volatility through the day ensured that lesser number of Nifty 500 constituents were seen above their respective 10 day SMAs, when compared to Friday. Among the F&O stocks, which are the most actively traded, only 56.5% of stocks were seen closing above their respective 10 day SMAs on the Budget day, as opposed to 67% stocks on Friday. We read this as a desire to take a pause, for which reason, we shall accommodate dips to 23400 before the 23700-840 trajectory resumes. An outright fall below 23190 could force us abandon the upside view though.
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Quote on F&O Expiry by Mr. Chandan Taparia, Head Derivatives & Technicals, Wealth Management...
