Morning Mantra ( 02.02.17 --- 9.00 AM )

The market recovered from the earlier losses on a overall impact free budget. Our honourable finance minister kept the long-term capital gains tax on equities unchanged, and also set a comforting fiscal deficit target of 3.2% for the fiscal year 2017-18. The markets looked in a strong momentum registering a sharp rise which helped Nifty break the very important resistances of 8640-8660.
Now these levels will act as a strong support. Further the levels of 8550 are a very good support and it looks like Nifty will try to kiss the 8880, 8900 or even 8950 levels shortly. Then a correction is likely to follow.

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