New Delhi: The budget proposals have met with mixed response with some analysts terming it as realistic and positive for capital markets and others expressing concerns over lack of fiscal consolidation roadmap. Analysts said investors should approach the event with caution when the stock market opens for trade on Monday. "Short term trend has definitely turned bearish as of now and more downside cannot be ruled out. Some support can be seen near 5,270-5,260 levels in the NSE and technical recovery can be expected from these levels," Rakesh Goel, Senior V.P. Bonanza Portfolio, said. "For the stocks markets, there is some benefit in terms of a partial reduction of Securities Transaction Tax (STT) on cash market transactions. We expect the markets to remain range-bound in the medium term," Kotak Securities Head of Research, Dipen Shah, said. Pradeep Gokhale, Research Head at Tata Asset Management, said, "The budget has positives for infrastructure, agriculture and capital market. Indian market is still being influenced by global liquidity and that would remain the predominant short-term force in the market." The Budget hiked excise duty and service tax by 2 percent across-the-board and offered marginal relief to individuals in income tax, stoking fears of adding to inflation. "The raising of excise duty as well as service tax are positive steps to raise revenues. As this steps will help in fiscal consolidation and RBI may decide to cut rates in the April policy," Sailav Kaji, Director Institutional Equities & Chief Strategist at Padmakshi Financial Services, said. He further noted, the budget is going to help sentiment build up in capital markets as negativity is less even though not being to reformist. On sectors which will benefit from the Budget, Goel said, "Going ahead, budget proposals will be positive for power, mining and textile companies and negative for pharma and auto sector (increase in excise duty)." Gaurang Shah, the Assistant V.P. of Geojit BNP Paribas, said that the budget lacks the roadmap of controlling fiscal consolidation and big bang reforms. Marginal tax benefit is given to the individual but, the increase in service tax, excise duty and customs duty are going to put an additional burden on the common man, he said. According to Milan Bavishi of Inventure Growth and Securities, "An increase in service tax and excise duty would make goods and services further expensive and thus maintain the inflationary scenario. This could push further away any decision to ease rates."