Geojit Financial Services Chief Investment Strategist V. K. Vijayakumar said in the near-term, expectations regarding the budget will influence the market.
Market does not expect any major changes in taxation relating to the capital market. Therefore, any such proposal will have an impact on the market, he said.
Deepak Jasani, Head of Retail Research, HDFC Securities said Nifty ended the first day of the week on January 29 with its biggest single-day gain since December 4 with heavyweight Reliance Industries contributing the most to the gains.
At close, Nifty was up 1.80 per cent or 385 points at 21737.6. Nifty rose sharply on January 29 forming a long bull candle. 21851-21970 could be the next resistance band for the Nifty while 21482 could act as a support.
Buildup ahead of the vote on account seems to have started. This upmove can be used for selectively reducing weight in individual stocks that have run up too fast, he said.
BSE Sensex is down 223 points at 71,718.40 points. Bajaj Finance is down 4 per cent, ITC is down 1.7 per cent, Reliance Industries is down 1.5 per cent.
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