Stock Market LIVE: GIFT Nifty indicates flat start for Indian bourses; Asian markets trade higher

The market is exhibiting strength and is showing no signs of a sharp correction despite the high valuations. A healthy trend in the market is that fundamentally strong largecaps are seeing buying.

The rising accumulation and delivery based buying in largecaps like RIL and ITC is a reflection of this healthy trend. It appears that the market is waiting for triggers for a breakout from the present levels.

This trigger may come from the Q1 results starting this week. If the management commentaries from the IT majors are positive, that can trigger an up move led by IT stocks. Another trigger for a breakout can come from the Budget to be presented on 23rd of this month.

Since the economy is in a sweet spot the finance minister is in a position to offer relief to the middle class through income tax reliefs while simultaneously moving firmly on the path of fiscal consolidation. And if the status quo is maintained on taxation of capital gains, the market is likely to give a thumbs up to the Budget.

(View By: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.)

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