Nifty is on 5,318. Technically the market looks to be a trading range or a consolidation and we may see a bounce back to around 5450 zones in the days to come and strong support in the vicinity of 5200-5080 levels. From a trading point of view I would trade long taking advantage of the dips until 5450 zones.

The market unfolded as expected and climbed to a level of 5500 where profit booking came in and the marked closed marginally in the red for the week.

Technically the market has seen the budget event and reacted. And the short term indicators are in sell mode which should bring down the market to lower levels of around 5210-5080 in the days to come. However if the market crosses 5400 mark then we could wittiness an assault on 5600 zones to but that looks unlikely so far.

From a trading point of view It would be remain short as long as 5400 remains a resistance.