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Sensex Chart (49798) / Nifty (14648)

After Monday’s gigantic run up, market participants continued with the cheerful mood and thus the index started the session with a decent gap up. The index continued its momentum with buying seen on intraday dips and Nifty ended the day around 14650, marking its highest close ever. The post budget move on Monday accelerated the uptrend and similar exuberance continued in yesterday’s session as well.

The bulls have regained complete control and have recovered the recent losses within no time. Such is the usual characteristic of a strong bull market and the banking space yesterday continued to lead this uptrend. Nifty is just a few points away to reclaim new highs and it is all set to once again enter unchartered territory. Along with the indices, the stock specific moves are mesmerizing as many stocks have rallied sharply in these couple of sessions.

Going ahead, we expect this uptrend to continue, although the velocity of the upmove could not be the same as seen in the last two days. However, one should continue to be with the trend and look for stock specific trading opportunities as many potential moves are providing good opportunities with high returns to traders. The intraday support for Nifty is placed in the range of 14500-14450 whereas resistances are seen around 14760 and 14880.

Nifty Daily Chart

Nifty Bank Outlook - (34268)

Markets had a fabulous budget session on Monday (especially banking space); but they were still not done with their optimism. The banking index opened at new high with a good bump up yesterday along with the benchmark index.

After the initial hour, banks cooled off a bit and corrected slightly towards the midsession. However, the momentum was regained towards the end to clock handsome gains over three and half a percent for the second straight session. The budget exuberance extended yesterday as well and the global set up was too supportive for the move.

However, expecting similar kind of momentum for the third consecutive day, would certainly be a difficult task. Although, the undertone remains bullish, traders are now advises to be a bit watchful and should avoid aggressive bets at higher levels. For the coming session, 33700 - 33500 would be seen as immediate supports; whereas on the higher side, 34500 - 34700 are the levels to watch out for.

Nifty Bank Daily Chart

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