The market reacts sharply to the interim budget with both Sensex and Nifty seeing a sudden fall. Fresh shorts are seen in realty and banking stocks, particularly stocks like DLF, Unitech, Kotak Mahindra Bank, SBI, Axis Bank and ICICI Bank, reports CNBC TV18. Fresh shorts are also seen in capital goods space with both BHEL and L&T losing ground. Reliance Power is also seeing fresh shorts addition in the power space.
House View: The positions built up on expectations of a favourable budget are going to be unwound. UPA govt. has not come out with any economic thrust and market is now going to go into a tailspin. There was a Deadman's Cross formation on the charts a fewdays back.(20DMA dipping below 50DMA) and last time this happened market went down by 30-35%, we will see a similar scenario now and 8000 levels will be tested and we will not be surprised to see 7400-7600 levels.
Disclosures: No personal holdings
Part of the Dream Weave Walk Network 1998-2010
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