Traders and short term investors who had purchased at lower level have already started booking profit for 2 days .Any disappointment is enough to pull market further down . Experts too feel that the budget is already priced in. I too had advocated for the same with following tweet .
Nifty facing resistance at 8660
— #Budget #budget2017 (@GujaratBull) January 27, 2017
Above resistance will be crossed if market gets better reward than expectation. Unsurety about the rewards has already pushed volatility index up and it is likely to stay higher till the event gets over. Meanwhile market regulator SEBI has turned more vigilant for the event .