NIFTY Index Chart Analysis

BUDGET FAILS TO SHAKE OR STIR

The equities benchmark indices ended a three-week losing streak in an extended trading week on the back of a prebudget rally. However, this time, the equity indices have not reacted adversely to the General Budget. Nifty and Sensex closed flat on the day of the budget, as institutional investors did not participate, and as a result, the volumes were very low on the event day. On the face of it, the budget looks neutral and non-eventful for the markets. On a fresh week, post-budget, the benchmark resumed its downside move and ended the upswing after testing the 200 EMA.