Bulls Power Indian Markets, Nifty Likely To Open Above 8650

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The Indian benchmark indices were powered by bulls on Wednesday, strong buying was seen in all the sectors. Bank Nifty saw a charge of 300 points on the upside.

FII’s returned to the cash markets with buying figures over Rs.1300 cr, coupled with strong buying in the derivatives segment. Nifty is likely to move above its resistance levels of 8800-8900 levels in the February F&O expiry. Two major events namely the Union Budget and the RBI credit policy is lined up next week.

Bank Nifty’s recent high of 19300 has been crossed and if the Index is able to sustain above 19500, then a big up move towards 20000 levels is a possibility.

Nifty Future is opening at 8668 as per SGX Nifty at 8:50 am IST,almost 60 points above its previous close of 8613.

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