Union Budget View Shared Before Market Opening – 1 Feb 2022

Part of Daily Newsletter sent on 1 February 2022 (08:00 AM IST) :

Today, it is the Union Budget. Before budget, Nifty may move up to 17550-17570. Bank Nifty may move up to 38500-38800. Book profit in long position there and take a short position with S/L 39300.

After 11.55 HRS/budget announcement, a downtrend is possible in the stock market.

View on Union Budget 2022: Banking may witness pressure in today’s budget. It is for the first time that the budget will be announced on New Moon that may not be favorable in general. This budget session may be tense. The budget may be followed by several revisions later. The focus may be on higher education, defense, infra, realty, petrochemicaland energy. Solar and EV projects may receive government support. There may be schemes to support the below poverty line population as UP elections are shortly due. “Made In India” concept may be encouraged by the government. There is no relief expected in excise duty of Gold and Silver. The government may take action to fight inflation, but it will not succeed. No major relief in taxation is indicated (as well as STT).

Fertilizer stocks may trade aggressively in both directions. Day traders shall be cautious. TECH MAHINDRA, DLF, GODREJ PROPERTY, INFOSYS can be bought from positional perspective.