The markets have by now witnessed three consecutive weeks of sell off. With the next trigger being the budget, the markets have been trading dull and the slightest of market driving news making the indices move in their direction.

Last week it was the weak European markets, which made our indices weak, before this it was the weakness in the Chinese markets. So, in short due to lack of genuine triggers our markets have found themselves amidst days with low level of participation in turn bring in low volumes and on the other side in search of triggers the indices have heeded to smallest of news or rumor coming in from any of the fronts.

Players are sticking to a wait-and-watch approach with the Budget coming up. The road to the budget and after will be a tough one, as the government has to answer a lot of questions and also come out with solutions, which could pacify the troublemakers.

The current common problems have been the price rise in commodities and daily useful items. So a lot for the government to do in this month, without which the confidence in the Indian markets would be short-lived.

As for levels the Sensex has a support @ 15725 and Nifty has it @ 4718. On the higher side resistance come in @ 16552 and 4951 for the Sensex and the Nifty respectively. Below these resistance levels the markets would remain under pressure and volatility is also expected to remain high. Hold a low profile and a scrip specific view.