Mr. Mukherjee Presented the Budget yesterday. It was altogether a very normal budget. There were no new suprises in the Budget. Yes we all the outcome was way below the market expectations. But to be honest the expectation were very high, as mentione in my earlier blogs also. Since so many years traders are very comforatble shelling out STT. It did not give any sense, to scrap the STT from the market. As the government is earning good amount via STT.
Yes the Budget did not give any happiness, But according to me the Budget was very normal and there is no negative news or outcome in the Budget. The markets tanked, just because, in the last 2-3 weeks the markets had surged on the Budget expectations. The outcome was not as per the markets, so the traders who had the long position started squaring up their positions. The sell off in the frontline stocks triggered the fall in the Indian markets.
Markets might pull back today. but the levels in to be seen in Nifty is 4140-4090. Few close below that can take the Nifty to 3950 levels also.
Yesterday the Nifty has closed above the 50DMA.