Market Outlook - 24th February 2015

After todays downfall, you might feel that the market has reversed.
But there is no such signs. There is no reversal signs seen.

But the option writing data has been now in control of call writers,
which suggest that we may seen more downside in near term.

And March option data has no much roll over, which also is not giving
much comfort.

So trading in Nifty would be more riskier on either side.

Now all eyes are on the Budget event:

Thursday - Railway Budget & February Expiry
Friday - Economic Survey Report
Saturday - Union Budget

The stocks which were supposed to move due to budget have already
moved up. Now since there is too much of hopes built into budget,
and the run up in the prices have already priced in. So for market to go
up, we may need more support.

Currently Bank Nifty has not been supporting and hence Nifty is finding
difficult to hold levels.

Looking at all these data, i see that we might re-test 8500 on the lower side.
8900 is now acting as strong resistance, so either buying to be done @ 8500 levels
or above 9000 levels.

Preferably you could avoid trading in Index and look for stock specific opportnities