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Below is the Market Analysis By Mr. Ajit Mishra, VP Research, Religare Broking
Markets slumped sharply lower and settled around the day’s low, in reaction to the Union Budget and weak global cues. After the weak start, it gradually inched higher in the first half but lacked decisiveness. The sentiment again turned bearish during the FM’s budget which continued till the end. Mostly sectoral indices, barring IT, ended with a deep cut and similar trend was visible on the broader front.
We will continue to see the overhang of the Union Budget next week as well. Besides, weak global cues would further add to the participants’ worries.
The way benchmark ended, indications are pointing towards further fall, with some intermediate pause. Nifty has tested its critical support zone of 200 EMA on the daily chart which is currently around 11,665 and the next support will be at 11,540. In case of any rebound, 11,750-11,840 would act as a hurdle. We advise keeping hedged positions in such a volatile scenario. Investors, on the other hand, should use this correction as buying opportunity and accumulate quality stocks on dips.
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