{"id":61583,"date":"2018-02-02T04:11:49","date_gmt":"2018-02-02T04:11:49","guid":{"rendered":"http:\/\/www.bnreport.com\/market-outlook-why-its-better-to-stay-in-cash\/"},"modified":"2018-02-02T04:11:49","modified_gmt":"2018-02-02T04:11:49","slug":"market-outlook-why-its-better-to-stay-in-cash","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/market-outlook-why-its-better-to-stay-in-cash\/","title":{"rendered":"Market outlook: Why it\u2019s better to stay in cash"},"content":{"rendered":"

Equity market witnessed immense volatility on Thursday during the Budget<\/a> session, as the NSE benchmark Nifty50 swung 175-points on either side during the day. <\/p>\n

Despite such volatility, the index ended virtually flat losing 10.80 points or 0.10 per cent. Market saw a sharp 170-point recovery from the lows of the day in the second half of the session. <\/p>\n

The Budget, in all likelihood, will be perceived in a mature way by the market. Though there will still be some follow-up reactions to the Budget for a couple of days. <\/p>\n

The level of 10,880, which remains in the vicinity of the short-term 20-DMA shall, acts as a strong base for the market. <\/p>\n

The levels of 11,075 and 11,110 will play out as immediate resistance area for the market. Supports came in form of a strong base around 10,880-mark. <\/p>\n

The Relative Strength Index (RSI) on the daily chart is 69.2956 and it has just crossed below 30 from a topping formation. The daily MACD remains in buy mode, while trading above its signal line, but is seen moving towards negative crossover. <\/p>\n

On the candles, a long-lower-shadow occurred. This usually halts the downtrend if it happens during a correction or a consolidation and hints towards a potential pullback. However, this needs confirmation on the next trading day. <\/p>\n

The pattern analysis shows that the Nifty<\/a> has done nothing but consolidated on a closing basis despite 175-point swing on either side. <\/p>\n

The volatility has ensured that a likely base may be formed near the 10,880-mark, which also happens to lie within a close proximity of the short term 20-DMA and hence is expected to act as strong support. <\/p>\n

All in all, from proposals' point of view, the Budget has not been taken too badly by the market despite some short-term volatility that may still remain. <\/p>\n

The major takeaways from the Budget are rural focus, infrastructure boost, benefits to marginal farmers, extending corporate tax rate cut to MSMEs, and encouraging rural spending. <\/p>\n

It was believed that the Budget will grossly remain a populist one. Not only this turned out to be a more fiscally prudent, the FM also introduced return of LTCG at 10 per cent, which may induce short term volatility. <\/p>\n

Despite looming 2019 elections, the FM choosing to remain fiscally prudent will taken in good spirits by the market in the long run, once the immediate reactions are over. <\/p>\n

We recommend preserving liquidity<\/a> and saying away from creating any speculative bets as all volatility will present fresh selective buying opportunities. <\/p>\n

STOCKS TO WATCH: Fresh longs were seen added in CG Power, Vedanta<\/a>, Federal Bank<\/a>, Dish TV<\/a>, HCC, M&M, NCC<\/a>, JSW Steel, ITC<\/a> and Apollo Tyres. <\/p>\n

(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)<\/strong><\/em><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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