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Budget 2019: Sensex, Nifty could see new highs, but trend suggests closing gains to be limited

Updated : July 04, 2019 11:06 AM IST

According to a report by ICICI Securities, bulls took control of the market only in five instances in the last 10 years; even then the gains were confined to 1 percent.
Bears, though have dominated D-Street in just four out of the last 10 years on the Budget Day, they have been capable in making a relatively deeper cut. Bears cut the benchmark indices by 1-3 percent in those years.
Applying the above data to July 2 closing at 11,911, on a closing basis Nifty could at best reclaim 12,000 on the upside but can plunge up to 11,500. However, intraday, due to high volatility it could inch closer to its life high which is at 12,103.
Budget 2019: Sensex, Nifty could see new highs, but trend suggests closing gains to be limited

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