Nifty Gets Boost By INTERIM BUDGET, RBI rate cut hint

Despite weak cues from global markets, indian markets advanced on monday as market expect boost to economy from interim budget and RBI rate cut hints.
Interim budget will be announced on February 16, 2009.


On Monday 9th Feb 2009
FII's net +285.39,
DII's net -45.98.

US stimulus bill drama still continuous.
Nifty:

Resistance 2950-3100

Support 2880-2850-2800

Volume rise is pathetic when compared to the volume during previous rise to 3100 on Jan 05th 2009. Since volume is very thin keep strict stop loss or trial stop as fall can be very sharp as market goes up.

As Nifty goes up, selling March NIFTY CALL 3100/3200 and buying March NIFTY 2900 PUTs may give good gains.

Watch: Banking Sector, Oil & Gas sectors