Budget Impact : Positive for Banks, Nifty trading Tips Today

Unchanged allocation has been made for re-capitalisation of banks in FY17 and over the medium-term. The Government’s language on extending further support remains constructive but delayed action could increase re-capitalisation requirement significantly. Introduction of new bankruptcy code would be positive in quicker resolution of distressed loans, however, the benefits are expected to accrue over long-term. Bank Board Bureau likely to be implemented in FY17 but little detail provided so far on the roadmap for implementation. State owned banks remain as key instrument for achieving government’s financial inclusion plans and delivering rural credit.

The S&P BSE Sensex is trading at 233,528 up 526 points, while NSE Nifty is trading at 7,143 up 156 points.

ITC, ICICI Bank, Axis Bank, Infosys, Wipro, Tata Motors and Adani Ports are among the gainers, whereas Bharti Airtel, ONGC, HUL, Dr.Reddy’s, HDFC and Cipla are losing sheen on BSE.

Nifty trading Tips today

Nifty trading Tips Today:
SELL HPCL 720CE AT 20-19.5 TGT 15/10 SL 25.
Buy Siemens fut above 1021 tgt 1055 sl 1005.