Thursday, 1 February 2018

Nifty Turns Volatile Amid Budget Speech

Posted by suhani varma on Thursday, February 01, 2018 with No comments



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Markets have turned highly volatile with almost an hour past when the Union Budget speech began. Nifty index has oscillated over 100 points between the highs and lows hit in the past hour while the Bank Nifty has swung over 250 points.

More volatility is expected as the average high low movement in Nifty during Budget day is approximately 3-3.5% in the last 8-9 years.

For the Bank Nifty, crucial resistance is seen around the 27,650 zone while important support is seen around the 27,200 levels.

For the Nifty 11,150-11,170 is the resistance zone, while support is seen around the 10,980 mark.

Among the sectors, the FMCG, Auto and Private Banks are among the top gainers, while the Metals and Pharma index are the top losers. The Midcap index is in the red, while the Small Cap index is trading with smart gains.

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