Finally an eventful week has come to end on a happy note on Budget day. The Indian markets ended with smart gains amid high amount of volatility on back of announcement and proposals in the budget. On daily chart nifty has formed a candlestick with longer shadow, which hints buying was seen on lower levels. Nifty has managed to close above its downward sloping trend line, joined from swing high level of 8997. This could further have optimistic impact on index. Now going forward 9000 level would be a vital resistance level. On other hand support on downside would be around levels 8840.

State-run oil firms including Oil and Natural Gas Corp (BSE Code: 500312) will invest over Rs 76565 crore on the project expansion during 2015-16, up 5 per cent over the previous fiscal. ONGC will see its capital expenditure rise to Rs 36249 crore as compared with Rs 34813 crore in the current fiscal, according to the Budget 2015-16 document.

Three major steel PSUs – SAIL (BSE Code: 500113), RINL and NMDC (BSE Code: 526371) have proposed a marginal 1.4 per cent cut in their capital expenditure at Rs 12889 crore in the next fiscal towards modernisation and expansion plans. According to the Union Budget document, SAIL proposes to spend Rs 7500 crore, while RINL and NMDC have earmarked Rs 1801 crore and Rs 3588 crore respectively for capital expenditure in 2015-16.