Union Budget Could Not Fuel the Market: Stay Cautious!!

Date: 04-02-2019

nifty outlook
On Friday,The Index opened positive as expected and traded Flat in the first session amid Budget finally ended at 10893.65. The market traded in a range till budget starts delivering, after some people friendly announcements, it witnessed a strong rally as A/D ratio was positive and traded near its resistance levels but, it could not surpass that upside hurdle and closed below 10900 levels. It clearly shows mixed reaction. One of the important and most awaiting announcements was Tax Exemption: People got confused about the basic exemption limit as it has been raised to Rs.5 lacs from Rs.2.50 lacs. But soon it cleared that story is different, People who have net taxable income up to Rs.5 lacs after all deductions would get the benefit of this new set up else, previous rules will apply. Union Budget was people friendly and an attempt to please middle class. The market is eyeing now on Elections till it may try to surpass the 11k and range bound move also a possibility. It is advised to stay light and adopt an extremely cautious approach till the Bulls get an upper hand.

Today: The Market is likely to Start the Day on a Flat to Negative Note following the Asian Markets Cues. The Nifty has immediate support at 10840-10820 levels Whereas, 10940-10980-11000 levels will act as a stiff resistance. Stay Alert and Be Rational!!
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