Be a trend follower on Interim Budget Day
Crossing the level of 72,000 would help the market to move towards 72,450 and 72,900 levels. Below the level of 71,500, the market would turn weak and may fall to 70,000 levels
image for illustrative purpose
Mumbai: On Wednesday, the market opened lower on the back of a weak set of global cues, however, closed with modest gains. Sensex closed 0.85 per cent higher, however on an intraday basis, the market gained 610 points which has set the mood of the market. Pharmaceuticals, Realty and PSU Bank were gainers. Ahead of the budget or any major event, we come across with similar sort of trend.
However, crossing the level of 72,000 would help the market to move towards 72,450 and 72,900 levels. Below the level of 71,500, the market would turn weak and may fall to 70,000 levels. “Be a trend follower on the day of the interim budget,” says Shrikant Chouhan, Head-Equity Research, Kotak Securities. did much more t
The Bank Nifty technically could remain within the trading range of 45,700 and 46,900 Below 45,700 it would turn weak and fall to 45,200/45,000 levels.
Prashanth Tapse, Senior VP (Research), Mehta Equities says, “Short covering in rate-sensitive stocks ahead of key US Fed policy rate decision and domestic Budget announcement tomorrow triggered a major rally in benchmark indices in a volatile led session.”
At a time when valuations are looking stretched and global macro concerns such as slowdown in China and geo-political tensions remain high, investors would resort to profit-taking at regular intervals and also bet on select stocks going ahead.
