Last week was indeed flat and positive with NIFTY gaining back almost all that it had lost during the first few days. Immense fund flow clubbed with retail participation helped NIFTY to move above 5400, hinting that the markets are entering another bull phase. NIFTY is on a consolidation mode and it is having a base at 5325 and 5250.
The resistance for the NIFTY will be at 5450 and 5500. A break below the key support level can bring down the NIFTY towards 5183 and more.
Trigger
The next major trigger for the market is the Union Budget, which will be tabled on March 16. Many expect that the government may scrap STT, but as they are finding it really difficult to meet their fiscal deficit targets with revenues drying and subsidies cut down, it will be surprising to see if they scrap the STT and it will be even more surprising if they didn't add any more taxes.
Until now the state government police is responsible in respective states for railway station related security issues.
However, they have their own boundary limitation which forbids them from filing cases of crime on a moving train that created the dilemma of jurisdiction.
This confusion could be avoided with the empowerment of the RPF to register such cases.
The legislation, in a first, will allow a paramilitary force to have the requisite policing powers in the country, eliminating the duplicity of authorities.
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