The markets continued their weak trade as the January contracts expired. This all started first when the indices started to trade above 5300 for the Nifty and 17500 for the Sensex. But the bulls failed to provide the required energy for the markets to gallop further. The indices traded above these levels for three weeks but later lacked fresh buying coming in.

Finally as January contracts continued to trade, the indices saw the prices bucking down to the pressure. A new contract started with a pause and an indecisive trade but a good pullback from intraday lows. For the coming week and the new contract month volatility would remain high and the next trigger could be the expectations from the budget.

For the coming week Sensex has a major support @ 15982 and Nifty has it @ 4766. If the indices manage to take support from these levels, then a pullback during the contract is imminent. On the higher side some tough resistances come in @ 16602 and 16847 for the Sensex and 4958 – 5035 for the Nifty.

Volatility to remain high with mixed participation from players. Individual stocks could spring in a lot of surprises this contract month. But as of now for the coming week a low profile is advocated till some good patterns are found.