It was a good session for the market where the bears stand out of the way and wait to see what the Budget holds, says Udayan Mukherjee, managing editor, CNBC-TV18. The bulls have been out of the game throughout the month of February, despite or contrary to expectations and today's rally looks good or the up move look good.
Today's rally should be seen in conjunction with huge amount of damage that has proceeded, it is just a bit of a pullback. It is overdue because this time almost everybody is expecting a good Budget unlike expectations in previous years, yet the market has come off 5 percent in this series and midcaps have fallen 20-25 percent.
So, such a steep correction going into a Budget which most people expect to be good is really a contradiction in terms and therefore, today one saw a bit of short covering which the bear saying, we have made a lot of money this series. The next 48 hours belongs to the finance minister, we don't want to press our luck and to stand back for a bit.
The bulls are taking their last bit of position before the Budget. Specific sectors positioning themselves for a post Budget rally even if it is short lived affair, a rally could be on the cards and the short-term trader is positioning himself for that.