A positive budget has enthused the markets. The Nifty tried to take out the 4950 resistance on Friday but failed to close above it, indicating that the bears still have some firepower left with them. On the whole the martket look like it is going to breakout above its near term resistance of 4950, albeit after some struggle by bears, and head towards 5300. The 5300 high made in January 2010 will be far more difficult to overcome. In my opinion, traders can take a long call on the markets now, after applying the 7 parameters in the case of individual stocks.
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