||Last week the NIFTY closed at 8641.25 registering a gain of 3.5%. It was an excellent rally last week with NIFTY rallying almost every single day. Now the NIFTY has given a breakout above 8600 which is an extremely bullish trend. Volumes have gone up and sentiments too have improved. The markets seem to have countered the effects of the budget already which is an indication that the budget has to be a good one. Now, post demonetisation we have seen a rally from 7900 to 8600 which tells us that post budget there could be profit booking and the NIFTY might take a breather after the 700 points rally. Therefore, we should not build heavy positions this week. The budget will allow for sector specific movements which we would pick as a part of our recommendations later. Further clarity would emerge from next week onwards. For now we should allow this week to pass by and start building positions from next week. Let’s keep a low profile for this week. Overall we are in a bullish trend and we’ve left the demonetisation event far behind. All the best!