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Todays Intraday Tips and Budget Expectations

Today, A Budget day expect good intraday movement in Nifty. There could be some surprise swings in Nifty Futures with every statements made by the Finanace Minister.
On the Upside, Look out for the 4950 mark, if its closes above this level , we could reach out to much higher trading prices.On the downside, watchout for the 4800 mark.
Some reports indicate that Small & Medium scale enterprises are most likely to be affected blissfully from the upcoming union budget. The small scale marketers and entrepreneurs are expecting a pile load from the Finance Minister’s decision making metabolism.

Things in the budget speech you should watch out for (that may affect market movement) are :

• Corporate tax rate will be lowered to 30%.
• Creation of job opportunities which is likely to be dealt with fiscal policies thus in accordance to several different development program.
• Textile Industry expecting the interest subsidy to be brought to 8 per cent.
• Liberalize tax slabs. It would be a welcome step if this IT slab limit is increased to Rs 200,000.
• Increase exemption limit of various allowances. Exemptions can be raised to Rs 1,000 pm for children education, Rs 3,000 pm for hostel expenditure and Rs 2,500 pm for transport allowance.
• Raise housing loan exemption limits. Allow deduction for interest during the construction period instead of allowing it only after the construction is complete.
• Increase the limit of Rs 15,000 to Rs 20,000 for health insurance premium paid for self, spouse and dependents parents. Also Increase the limit for senior citizens to Rs 25,000, considering that healthcare costs for senior citizens are higher.
• Increase in Section 80C limit. Section 80C of the Income-tax Act, 1961 allows deduction of up to Rs 100,000 for investments in a host of specified schemes like mutual funds, fixed deposits, provident fund, etc. That limit can be raised further (to 2,00,000).

However the Economic Survey tabled on Thursday reiterated the view that the Indian economy was firmly back on track after encountering the global downturn and predicted a return to 9% GDP growth by FY12.

Intraday Calls

BUY NIFTY ABOVE 4852 TGT 4871-4883 SL 4836
SELL NIFTY BELOW 4870 TGT 4852-4841SL 4886

State Bank Of India
BUY WITH STOPLOSS OF 1882
TARGETS – 1946-1956
IF CLOSES ABOVE 1956 THEN 2030-2040

Tags: budget 2010, budget expectations, daily market report, day trading calls, intraday stock calls, nifty signals, pranab mukherji, union budget

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