*Sudipto, Get the levels and try to trade. Add 'stockmarketsinindia' on gmail please.
The benchmark indices, after rallying more than 3% on the back of "Positive Surprise" budget, gave away 80% of the intraday gains to close with modest gains. Sensex gained 122 points to close at 17823 while Nifty ended at 5333, up 30 points. BSE mid-cap and small-cap indices gained 0.3% and 0.4% respectively. The sharp rally was mainly attributed to a 4.6% fiscal deficit target for FY12, which was much better than the market estimate of 5-5.5%. Moreover, the budget, while provided tax relief to individual taxpayers and corporate assesses, also sought to avoid any across-the-board increases in excise and service taxes.
The benchmark indices, after rallying more than 3% on the back of "Positive Surprise" budget, gave away 80% of the intraday gains to close with modest gains. Sensex gained 122 points to close at 17823 while Nifty ended at 5333, up 30 points. BSE mid-cap and small-cap indices gained 0.3% and 0.4% respectively. The sharp rally was mainly attributed to a 4.6% fiscal deficit target for FY12, which was much better than the market estimate of 5-5.5%. Moreover, the budget, while provided tax relief to individual taxpayers and corporate assesses, also sought to avoid any across-the-board increases in excise and service taxes.
FOR TODAY: Yesterday, the Sensex didn't really find anything to be excited about in the budget and trimmed its intraday gaiin. EU markets closed in green nearly 1% up except FTSE which was closed flat (0.1% down). US markets closed in green; DOW is up nearly 0.8% and Nasdaq is flat, just 1 points up. SGX Nifty is trading around 5387 (at 8.15 AM), up 44 points suggesting a gap up opening in Nifty. Watch 5389-99 level. If nifty spot crossed this area with volume and stays atleast 5 minutes, we may see again 5411/5450-5460 and 5499-5500 level. On the flip side, if nifty spot breaches 5300 level, we may see 5232 and 5177 level (not for intraday).
