The Union Budget 2009-10 which will be presented in the Parliament on July 6th will decide the further market direction from here on. It will be a big day of action in the Indian markets when the union budget 2009-10 will be out. Since the UPA govt won clear majority and came back to power we have seen a clear surge in the markets since then. To be realistic markets are now in a overbought zone.

The entire nation, investors and the traders are eagerly waiting to hear a very good union budget on Monday which will not only try to resolve the current economic situation but also provide stimulus for the economy to grow well beyond the 6-7% GDP rate. Now if the markets dont witness a strong union budget 2009 , then we can see some steep correction coming in soon.

The nifty closed at 4424 levels and Sensex at 14913 after the railway budget was announced on Friday. If the budget fails to cheer the market up, nifty can test 4,000 levels and Sensex can go till 14,000 levels. Any steep correction in the markets if at all after the union budget, can be used for buying into fundamentally strong scripts for long term. So it is now a wait and watch policy till the Indian union budget 2009-10 is out.

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