Budget to be a non-event; global sell-off weighing on mkt: Bagga

Market expert, Ajay Bagga clearly believes that global overhang is weighing on the markets along with other issues like China, oil, BREXIT and Fed decision.Globally, the world is in a bad shape and moreover, India too has been over owned, so there is likely to be more pressure on the markets. Therefore go short on the overall market and hedge your portfolio, advices Bagga.The fact that corporate earnings, market fundamentals haven’t yet caught up, global sell off and upcoming Budget are the events playing on mind of the market, says Bagga.From the Budget market will watch for bank recapitalisation road map, rural thrust, 7th Pay Commission, fiscal deficit target -- more importantly action on the ground than just announcement.Budget is likely to be a non-event because the market has discounted the worst. According to him India is the only country where so much importance is given to the event unlike other countries like US, UK etc.Simply stay away from market till the Budget for sure but eye on global situation also vital. According to Nooresh Merani, Head of Technical Research at Asian Market Securities says 6960 is a good support for Nifty.