February rolls in softly - IIFL

The winning month of January saw a lackluster close but the rollovers, though low, indicate that pessimism is less for now. Clearly, the market expects a run-up to the budget even as the FM has been hinting at a responsible budget this time.

The opening is set to be negative with the immediate support for Nifty seen near 6000 levels. Few results will continue to pour in but the broader trend will mimic the global markets for now.

The possibility of India losing its investment-grade credit rating has receded somewhat due to the economic reforms undertaken by the government since last September, an analyst with rating agency Standard & Poor's stated.

Oil India's offer-for-sale (OFS) base price is set at Rs 510. The stock will remain in focus today. Jet Airways will continue to be on investors' radar after an Etihad delegation along with Jet Airways promoter Naresh Goyal met Civil Aviation Minister and the Commerce and Industry Minister.

Source : Equity Bulls

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