The key benchmark indices of BSE and NSE advanced after the Economic survey, presented by Finance Minister Mr. P. Chidambaram in Loksabha and he has confident about Indian economy, and as per the FM of India, Indian economy is likely to grow between 6.1% to 6.7% in 2013-14 fiscal year as the downturn more or less over and the country's economy is grow up in near future.
After the yesterday's heavy selling we saw a technically pull back rally whom also got support of Finance minister's economical survey.

On the closing of day trading session the S&P BSE Sensex, was up 137.27 points (0.72%)

Stock of the nation Nifty-50 close 5796.90 up by 35.55 point 0.62 in terms of percent.

Pulse of the economy Bank nifty close on 11930.50 was up 85.65 point.

Indices of midacp Nifty Midacp 50 was up 1.10 % closed at 2102.25

India Volatility Index, was down 6.51 % at 16.23

Nifty important technical level which every traders should keep in mind on the volatile day of Union Budget.

  • On the day before Budget Nifty have test it's 61.8% retracement level of 5763 made a low of 5749.7 during the session, one thing positive that is not break last day's low price.
Nifty Fibonacci Retracement Chart Level

  • If pull back rally continue it's momentum so it's first hurdle on 5840-5850 zone here Neckline of Head & Shoulders Pattern and 100 Day Simple Moving Average will act strong resistance on daily technical chart. 

Nifty Head and Shoulder Pattern Break Down Chart

  • For bigger move either upside or downside nifty will have to break 5750 level on the down side and 5850 on the upper band, so all in all our view for the budget day nifty trade with high volatility in 100-120 point of range if we do not hear a big announcement from Finance Minister.

Intraday Stock Trading Tips 28-Feb-2013

Buy Tata Steel Intraday target 370 stop loss 352

Nifty Intraday Trading Strategies Level 
  • Buy Nifty at 5780 Intraday target 5820-5850 SL 5750
  • Sell Nifty at 5820 for target 5780-5750 SL 5850