The market recovered the lost ground as
finance minister Arun Jaitley made no reference to long-term capital gains
tax on equities, and also set a comfortable fiscal deficit target of 3.2% for
the fiscal year 2017-18. After the Budget speech, the Sensex gained over 400 points to reclaim 28000 level,
while NSE Nifty surged above its crucial 8650 mark.
The level 8500-8555 has become a support for the Nifty
now. We are expecting Nifty to touch 8750 in the extreme short term and hit
8900 in the medium term. A correction is likely thereafter. Nifty break
above 8700 then it will increase the strong bullish pattern breakout, which
will take the indices up towards 8750/8785. A strong break (close) below 8600
will increase the downside pressure and drag it to 8580, 8550.
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Supports: 8600 and 8555
Resistances: 8700 and 8750
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