Sadanand Gowda's maiden Rail Budget derailed the market. Nifty crashed 210 points.

The Rail Budget failed to live up to market expectations and investors preferred to book profits after a sharp rally seen in most of these stocks so far in the year 2014. However, news of FDI in railways announced by the Railway Minster failed to cheer the Street and railway-related stocks, but that is one step which is in the right direction. 
Nifty tumbled by 184.3 points to end up at 7602.85 from the day's high of 7807.05. Sensex collapsed 578.32 points to end at 25521.76. Nifty traveled into three centuries from 7800 at the beginning to dip below 7600 mark at the time of closing. In Nifty50 stocks, just two stocks gained, Sunpharma(+0.62%) & ITC(+0.06%). DLF was the top loser by 8.53%.
In CNX Sectoral Indices, CNX Realty was the top loser by 7.35% followed by CNX Infra(5.22%), CNX PSE(5.05%).
Most of railway-related stocks dipped into the red after opening on a strong note. Texmaco Rail and Engineering was the top most loser among the railway-related stocks. The stock plunged a little over 13 per cent in trade post the announcement of the Budget.

Nifty Outlook :
In the last blog dated 27th June, 2014, we had expected about the smart rally if sustained above 7540 and similarly, Nifty has geared up above the level on the June 30th. 
As we are into the influencing time, the investors are staying cautious and keen on booking profits. Union Budget on Thursday, i.e. 10th July and start of quarterly result session from Infy(11th July) will definitely affect the market but hopefully not the sentiment. Spot Nifty has an important support at 7510 on daily closing basis whereas immediate trading trendline support will be at 7570 (considering 5 mins chart since 23rd June. Instantly, upside resistance will be at 7670.