Budget Impact on Market: Nifty Trend For Today

Today Market open with a selling pressure. Nifty fell more then 30 points and sensex gone 100 points down in early trade. In yesterday's trading The BSE Sensex closed on a flat note with no fresh triggers. Further, the upward movement of the market was capped by limited participation from the domestic investors. The market has been in a consolidating phase for sometime now with mostly lower grinds. All eyes are now on the Budget session of Parliament that will kickstart today.

Nifty Trend Today

Nifty closed at a flat note in last trading and looking in a weak trend today. So today 5870 level would be a strong support today. On upper trend Nifty has a strong resistance at 5970 level. Nifty is in bear zone. So today if nifty is below 5875 be very alert and better avoid any longs and until a strong move above 5970 better stay away from bull side.

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Global Market Updates: Nifty For Today

The BSE Sensex ended flat on Monday, holding just above 19500. The market witnessed a lacklustre trading session throughout the day. Today, cues from the global markets are not very supportive as Asian market showed mixed trading trend. There was no trading in the US on account of President's day, while the European markets too closed on a mixed note. On back of global factors and not much domestic support, equity market too is likely to show downtrend today.

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Global Market Updates:

Asian markets traded mixed. China's Shanghai Composite shed 0.34% or 8.12 points at 2,413.44. Hong Kong's Hang Seng was flat at 23,366.97. Japan's Nikkei was down 0.22% or 25.02 points at 11,382.85. Singapore's Straits Times was up 0.50% or 16.37 points at 3,304.51. South Korea's Seoul Composite gained 0.33% or 6.54 points at 1,988.45. Taiwan's Taiwan Weighted rose 0.32% or 25.05 points at 7,968.58.

Nifty For Today:

Nifty closed on a bear note at 5898. So today the first resistance for nifty is at 5950 level. Next resistance ranges are at 5990 level. On downside first support is at 5850 level. Next supports are at 5830 level. Today Nifty is in bear zone.