Trade setup for Wednesday: Top 15 things you should know before Opening Bell

According to Pivot charts, the key support level is placed at 10,498.3, followed by 10,456.8. If the index starts to move higher, key resistance levels to watch out are 10,568.4 and 10,597.

After a 3 percent drop in the previous week, bulls managed to regain control of D-Street on Monday with Nifty50 rising above 10,500. The index formed a small bullish candle on the daily candlestick charts which suggest that the rally could extend towards 10,700.

Investors are advised to stay cautious but technical indicators are suggesting that the pullback move could extend by another couple of trading sessions. The index closed below its key short-term moving averages such as 50-days exponential moving average (DEMA), and 5-DEMA.

The Nifty50 which opened at 10,518.20 rose to an intraday high of 10,555.50. It slipped marginally to hit an intraday low of 10,485.40 before closing 84 points higher at 10,539.75.

Albeit Nifty50 registered a small bullish candle it appears to be on a pullback mode after testing its 100-Days Moving average (DMA) in the preceding two trading sessions of last week.

Key Support & Resistance Level for Nifty:

The Nifty closed at 10,539.75 on Monday. According to Pivot charts, the key support level is placed at 10,498.3, followed by 10,456.8. If the index starts to move higher, key resistance levels to watch out are 10,568.4 and 10,597.

Nifty Bank:

The Nifty Bank closed at 25,701.60, up 0.93 percent. Important Pivot level, which will act as crucial support for the index, is placed at 25,538.73, followed by 25,375.87. On the upside, key resistance levels are placed at 25,811.13, followed by 25,920.67.

Call Options Data:

Indian Stock Tips Maximum call open interest (OI) of 56.96 lakh contracts stands at strike price 11,100, which will be a resistance for the February series, followed by 11,000, which now holds 52.85 lakh contracts in open interest, and 10,700, which has accumulated 38.63 lakh contracts in OI.

Call writing was seen at the strike price of 10,600, which saw the addition of 2.7 lakh contracts along with 10,7, which added 1.54 lakh contracts, along with 10,900, which saw the addition of 0.72 lakh contracts.

Call unwinding was seen at the strike of 10,400, which shed 2.89 lakh contracts and 10,500, which shed 2.57 lakh contracts.

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Avoid bottom fishing in this market; 5 stocks to buy which could give up to 14% return

The big support for the index is placed around 10,398 and a fall below could take the index towards 10,300-10,200 levels

The Nifty50 breached key support levels in the past five trading session and closed by about 3 percent lower for the week ended February 9 signaling a pause in the momentum which we saw in the beginning of the year 2018.

Apart from domestic factors such as rising crude oil prices, high valuations, concerns over higher fiscal deficit as well as the imposition of long-term capital gains tax (LTCG) of 10 percent weighed on sentiment — the larger part of the decline can be attributed to global markets.

Investors are advised to stay light and avoid bottom fishing at current levels. The market has turned from buy on dips market to sell on rallies. Hence, any bounce back should be used to create short positions, suggest experts.

The big support for the index is placed around 10,398 and a fall below could take the index towards 10,300-10,200 levels.

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What changed for the market post Budget 2018 while you were sleeping? 15 things you should know

A list of important headlines from across news agencies that could help in your trade today.

The D-Street witnessed a volatile day as the index moved in a band of over 200-points on throughout the trading session on Thursday which led to a formation of a ‘High Wave’ kind of pattern on the daily candlestick charts.

The government reverted to fiscal consolidation roadmap with a target of 3.3 percent for 2018-2019 which was still higher than the analyst estimate of 3.2 percent.

The Nifty which opened at 11,044 which rose to an intraday high of 11,117.35. But, bears took control of D-Street and pushed the index below 13-DEMA to touch its intraday low of 10,878. The index closed near its 5-DEMA at 11,016, down 10 points.

India Union Budget 2018-19 Live: News, updates and highlights from FM Arun Jaitley's Budget 2018 speech, announcements

According to Pivot charts, the key support level is placed at 10,891.37, followed by 10,765.83. If the index starts to move higher, key resistance levels to watch out are 11,129.87 and 11,242.83.

The Nifty Bank closed at 27,220.7. Important Pivot level, which will act as crucial support for the index, is placed at 26,973.5, followed by 26,726.3. On the upside, key resistance levels are placed at 27,540.7, followed by 27,860.7.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

Wall Street shares forfeit early gains as bond yields rise

Wall Street stocks gave up early gains on Thursday as bond yields rose and technology stocks retreated ahead of a host of high-profile earnings.

The Dow Jones Industrial Average rose 37.32 points, or 0.14 percent, to 26,186.71, the S&P 500 lost 1.83 points, or 0.06 percent, to 2,821.98 and the Nasdaq Composite dropped 25.62 points, or 0.35 percent, to 7,385.86, Reuters reported.

Most markets in Asia decline following rise in US bond yields

Asian shares came under pressure early on Friday after Wall Street closed mixed and yields on US government debt rose in the last session. Japan's Nikkei 225 declined 0.75 percent after snapping a six-day losing streak in the previous session. The Kospi fell 0.96 percent as declines in blue chip tech names drove the index lower, CNBC reported.

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Union Budget 2018 Highlights: Key takeaways from Arun Jaitley's fifth Budget

Budget 2018 Highlights: Here are key takeaways from Finance Minister Arun Jaitley's speech.

Five minutes to go before the Budget speech starts. Already, there is speculation the Budget will ring in a big change. Media reports say that, in a break from tradition, the Finance Minister will deliver his Budget speech in Hindi. How will it be received by lawmakers, especially those from the South, remains to be seen.

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