Two main concerns!

One is the ‘devil in the detail’ which has followed
Mr. Chidambaram’s earlier budget speeches.

Second, any direct or indirect capital controls may add to the near term equity market pain. This, the finance minister thinks, is necessary to make monetary management easier in the long term.

Barring these two concerns, the budget is likely to be a populist one. Huge positions have not been built ahead of the budget, so the flow of good news will result in buying.