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Preparing for Budget Day !! (31st Jan 2024)



1. U.S Markets closed mixed Yesterday.
2. Right now , Dow futures are flat.
3. Gift Nifty is indicating a gap up opening of 40 + Points.
4. Yesterday was a day of profit booking in major large cap stocks.
5. Reliance which carried the markets single handedly witnessed profit booking Yesterday. 
6. Advance - Decline ratio was 50-50.
7. Means the number of declining stocks were equal to the number of advancing stocks.
8. Nifty , Bank Nifty do not reflect true picture of yesterday's broader market.
9. Coming to the main event which is the Union Budget.
10. We are going to have an interim budget this year.
11. Interim budget this year because this is an Election Year.
12. The new Government which is formed will publish a complete budget.
13. This budget I'm expecting it to be a non - event on max basis.
14. My reasoning is firstly it's an interim budget.
15. Secondly , this is an election year so Government won't bring major decisions in this interim budget.
16. VIX has risen significantly pre budget & option premiums are quite high.
17. Thirsty,  markets have already come off a bit from all time highs.
18. So we ain't going into this budget with excessive skepticism.
19. Kindly manage your risk and don't blindly copy my view.
20. Nifty might trade between 20350 to 20650 today.

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