Market began the week on positive note and extended its gains to hit fresh all time record high above the psychological 9,000 level in history triggered by Reserve Bank of India’s (RBI) surprise announcement of a cut in the repo rate by 25 basis points, but the rally could not be sustained and broad based profit booking was seen specifically in rate sensitive stocks and mid cap stocks while buying was seen in defensive counters like Pharma, FMCG sectors.
In overseas markets, European stock markets reversed initial gains as investors awaited a meeting of the European Central Bank (ECB) for hints as to when the central bank will kick off its quantitative-easing program.
Movement of index in near term will depend on upcoming announcement of CPI and IIP Data on 12th March 2015, Export/Import data is due on Monday, 9th March 2015.
Nifty March Future gave closing at 8986 with the weekly marginal gains of 21.35 points.
In near term it is likely to remain volatile and expected to trade in a broad range of 9200 – 8850 for the time being having resistance at 9040, while with the breach of its immediate support level of 8850, some correction is expected till 8670 level which is next important support.