NIFTY - METAL IN THE BUDGET

Nifty bulls get power from the budget capital expenditure part and the metals rally sharply. The move in the metal index overshadows everything else. The area from where this rise in this index when considered is vital. The question is can it pull any further or will there be one day wonder. For the bulls fortunately global cues are green and the negatives appear to have disappeared all of a sudden. For the bears it is once again waiting game. This can potentially pull this index towards 17700-800 while the new base moves higher to 17430. Individual parts in the index can vary but the euphoria to extend further. Shorts can wait unless the close is below the 17430 while longs stare at 17750-800 one stab.