12000 points remain a sturdy wall

The Market ended with modest gains on Thursday ahead of the Budget presentation on Friday. It was nevertheless the fourth consecutive session of gains for the Nifty, the longest winning streak since Apr. 16. The positive global market on the back of weaker-than-expected US economic data, which gave investors cause to anticipate that the Federal Reserve will cut interest rates at its upcoming meeting, also supported the Indian market. The Nifty Index ended 30 points or 0.25 per cent higher at 11,946.75, while the Sensex closed at 39,908, up 68 points.

Technical View
"We hope to see favourable announcements which will boost trader's sentiments going ahead. On the higher side, 12,000 remains to be a sturdy wall and we still remain hopeful for it to be demolished quite soon. On the lower side, 11,900 and 11,814 would now be seen as key supports for the Index," said Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking.

Market View
Vinod Nair, Head of Research, Geojit Financial Services, said, "prior to the release of the economic survey, the market was volatile. This trend eased given a shift in agenda to private investments and economic growth. The market expects this to be reflected in the full budget tomorrow. The expectations are high given the bigger mandate. Agriculture, Rural market, Banks, Infrastructure and Water resources are likely to be the focus areas."