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Budget 2021: Sensex scales 50,000 mark, here s how to play the market in short term
Sensex scaling the 50,000 mark raises questions ahead of the Union Budget 2021. Should investors keep booking profit amid the ongoing slide in index or should they bet big on the Budget being presented in the backdrop of Covid-19 crisis?
Aseem Thapliyal | January 22, 2021 | Updated 16:08 IST
The Union Budget which will be presented on February 1 is likely to decide the direction of the market ahead.
Benchmark Sensex hit the key 50,000 mark on January 21 just days ahead of the Modi government s third Union Budget of its second term. The index rose to an all-time high of 50,184 and Nifty rose to 14,753 in the same session buoyed by global markets post the new US president Joe Biden s oath taking ceremony.
Read more about Sensex hits 50K: Investment strategies to play the markets ahead of Budget on Business Standard. From its 3-year lows of 25,639, hit on March 24, 2020 amid the outbreak of Covid-19 pandemic, the benchmark index is now up 96 per cent
Trade setup for Friday: Top 15 things to know before Opening Bell
Traders may prefer to take a cautious stance near the resistance level, says Shrikant Chouhan of Kotak Securities. Sunil Shankar Matkar January 22, 2021 / 07:46 AM IST
The market started off on a strong note, extending the previous two-day rally to hit a fresh record high amid positive global cues, but lost all gains in the last hour of trade due to profit booking and closed in the red on January 21.
The BSE Sensex crossed the psychological 50,000 mark for the first time on January 21 but closed the session 167.36 points lower at 49,624.76, while the Nifty50 ended at 14,590.40, down 54.30 points after hitting a life high of 14,753.55 and formed a bearish candle which resembles a Dark Cloud Cover kind of pattern on the daily charts.