Being an election year, as expected, the FM came out with a Budget that can be rated as "socially relevant" one. The stock market is extremely unhappy with the Budget right now. The increase of short term capital gains tax from 10% to 15% has most certainly hurt the sentiments. Moreover, there has been no clarification from the Finance Minister about the exact tenure of the term “short term”. This ambiguity has added on to the bearish sentiments.
Corporate tax, surcharge and dividend tax remained untouched, but also did not helped.
The BUDGET HIGHLIGHT has been posted.
As mentioned that the Nifty has good support at 5200-5176, and the close is well above 5176. The fall was due to the bad sentiment and due to the non clearance of the short term capital gains. As mentioned that the trend will be cleared within1-2 days, if the Nifty close is above 5290 then the rally can be up to atleast 5400.
The Nifty has a good support at 5176-5050.
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