NIFTY - BULLS BUDGET TIMES

Nifty bulls failed to hold the gains and ended the day flat. Ahead of budget tomorrow ideally the market should remain in range. Supported by overseas clues and oversold zones. Growing rise in crude prices and stormy political debate, FPI Jan Sell off mode are the potential dampeners. 16900-17600 is the larger zone and close above this is required if bulls have to thwart any bear attack. Many places in the parts of the larger Equity Index are not reflecting this bias. One More day of wait (Monthly Close and budget day) would provide near term direction. For the day 16950-17350 would suffice with buy dips 17050 with the low as stops. A Gap up open is not a jump and buy day today.