The immediate crucial level for the Nifty is 4766. A close above this level on 8.2.10, will signal a rally upto 5000 till budget.
Otherwise it can go down to around 4650 levels to test the 200 DMA.In that scenario, it is most likely to find a support and bounce back.Short covering also is expected to aid the rally.If market closes below the 200 DMA,it is very bearish and long term trend will become negative. However, this is still unlikely.
Stock specific short term long positions can be considered if market manages above 4766 Nifty levels.
Rail related stocks like BEML,Stone India etc can climb up till Rail Budget.
OMC stocks like BPCL, HPCL & IOC can be on the uptrend on hopes of Petrol price decontrol, price hike news of petro products and subdued price of crude oil.
Agricultural & Export oriented companies are expected to benefit from the Union Budget as is the case with Education related companies.
We will try to provide more stock specific analysis in the coming days.
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