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The street cheered the budget as indices rose 1.5% with its usual share of volatility as India VIX dropped sharply below 20. In spite of a roller-coaster session, markets finished with strong picks up, as financial specialists cheered the government's center on higher development and capital consumption boost within the Budget. The north-bound drift was moreover aided by overnight picks up within the US market and a solid European markets slant in early exchanges. On everyday charts, the market kept up an uptrend continuation arrangement and after a long time, it succeeded to shut over the 50-day SMA which is broadly positive. It may be a long-term development situated budget which the market has invited given no headroom for cautiousness & populist measures. It is anticipated to bolster development within the future; be that as it may, it is lost a few adjusting measures in setting of current inflationary & abating economy. Supportive measures were needed for rural, agriculture, low taxpayers & for sectors impacted by the pandemic. High capex, fiscal deficit & borrowing plans in the background of a high inflation, commodity & oil prices and rising interest rates will be challenges in the short to medium-term. The paradigm change seen in the digital push together with the narrative for urban development quite clearly signaled a pro-growth stance. Market ended on positive note in the highly volatile session on February 1, a Budget Day, mainly supported by the metal, pharma and capital goods stocks.
At Close, the Sensex was up 848 points at
58862, and the Nifty was up 237 points at 17576. About 1683 shares have
advanced, 1583 shares declined, and 98 shares are unchanged. For the day short-term traders, 17600 and 17200 would be key bolster levels to be careful for. Over the same, the nifty would touch the level of 17700-17800. Be that as it may, in the event that the record slips underneath 17500, a fast intraday redress might drag down the record up to 17450-17400 levels.
Resistance: 17650, 17725, 17775
Support: 17300,
17200, 17100
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