Today was the real reaction to the Budget and that was because the foreign institutional investors (FIIs) will be back after Saturday.
The market appeared tepid after the Budget evoked mixed response from global
rating agencies. Nifty has given a bit of a thumbs up, Nifty closed at a new
peak of 8956 led by surge in capital goods and banking shares boosted by Budget
proposals. Nifty settled with a gain of 54 points, to close at 8956. This
surpasses its previous record closing of 8952 reached on January 29.
The market
will have a bit of a problem crossing 9000. 9000 is a bit of a problem point
for the market, it has tried to cross that two times, has failed at, let us see
if it is third time lucky but overall the sense is that the way to play this
market still remains the same, you have to be on the long side, you have to buy
stocks and you have to hedge your positions that is the only way to play this
market not looking to short, this is not a market where shorting is going to
make you money in fact shorting can just clean you out. This is a market where
bulls are in total control and at least tomorrow morning doesn’t look like they
want to give that control away.More about intraday tips on Google +
RESISTANCE: 9000, 9030, 9060
SUPPORT: 8970, 8940, 8910
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