MY VIEW

Today market ended negative. However, technically, I strongly believe that nifty will touch 5000 levels in June.These are the reasons for my belief: Fundamentally commodity prices are bottoming out which is good for manufacturing sector. In addition budget is expected in July, which is gives a broad direction for the market. As the IIP data is contracting every month and as this govt is famous for economic reforms, manufacturing sector will have priority.Moreover credit has become cheap. However consumption is not good which determines the bottom line.To encourage consumption, I believe the budget will hold a key to drive consumption.For these reasons I personally believe that market will have a pre-budget rally up to 5000 levels.
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