The absence of any negative was one of the biggest positives for the market yesterday. Union Budget got a great thumbs up from all sectors, because of no new tax application.
The laying of high prominence by the FM on divestment targets and the fiscal deficit and the borrowing figures presented by the FM was on expected lines and well received by the markets.
For Today, the levels of 14250-14300 would be crucial as the NIFTY will have to stay above this area to extend its up move. If not, then we again see the markets consolidating with the levels of 14100 and 14050 acting as basic supports.
50-DMA is presently at 13770 and is now major support for the near-term on a closing basis.
We recommend not chasing stocks giving it a blind chase but approach it on an individual basis and on their own respective merits.
We also expect the defensive plays to catch up as well. We recommend avoiding shorts and approaching the markets in a highly stock-specific way while protecting profits at every level.