Expect the market to trade in a range as investors would remain cautious ahead of the budget while the 48,000pts level would be a crucial psychological support. Investors would closely follow the news regarding the Power sector as the first instalment of Rs90bn circular debt payment is expected today. Moreover, Autos would shine on expectations of duty reduction in vehicles with an engine displacement of 800cc or more minor (PSMC to benefit the most). At the same time, HCAR would remain in the limelight on expectations of the new City model and INDU on attractive valuations.

Technical Comments: Resistance Levels: 48,348 and 48,603 Support Levels: 47,700 and 47,400 RSI (73.02) approach towards the neutral territory, MACD stands still with the same bullish stance.

Credit goes to IMS Research