The markets have broken multiple support levels to land where there are currently poised.The region from the current levels to 39675-39722 (11873-11887) is fraught with resistances. It will taken an Herculean effort by the bulls to cross the 39675-39722 (11873-11887) zone anytime soon.
Its best to remain short on the markets while looking for stock specific opportunities in the Top-100 Universe.
As regards to the Union Budget on Friday, expect the same to consolidate on the proposals of the interim budget presented earlier in the year. It will be sane to not have any expectations from the Budget or expect a Pre-Budget Rally in the markets.
|Index Levels to Watch & Fair Value|