A break below 11,614 will see a continuation of the decline in the Nifty, initially towards 11,490 and then 11,340. On the upside, the Nifty needs to cross Wednesday’s high of 11,800.
This Budget was not a revolutionary one which will set the economy back on the path of growth but select mid-cap stocks in spheres of NBFCs, Chemicals, and Pharma may perform.
A move beyond 11300 can extend the short-covering rally taking it higher to levels of 11350-11370. A sustained trade above this DMA support may trigger short covering.
There is some caution ahead of the outcome of the RBI's monetary policy review meet which triggered profit-taking as the session progressed, suggest experts.
A word of caution, India VIX has cooled to 18.62 but it still remains high. So, traders should initiate long positions while keeping strict stop losses