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NIFTY

* Nifty extended up move for yet another session and gained over half a percent, in continuation to the prevailing uptrend.

* Among the sectoral indices, IT and FMCG posted decent gains while PSE and metal were on the back foot.

* The index have been inching higher on the expected lines and we are now eyeing the new milestone of 25,000.

* Prefer hedged positions citing the expected rise in volatility due to the upcoming Union Budget and ongoing earnings.

BANKNIFTY

* Banking index experienced overwhelmed swings but managed to show an upward momentum as the day progressed and closed with half a percent gain.

* Mixed trend continued among the banking majors where ICICIBANK and SBIN contributed the most and HDFCBANK capped the upside.

* Despite the positive momentum, the index is facing rejection at higher levels. We reiterate our view that we need a decisive break above 52,800,to induce positive momentum.

* Thus traders should align their trades accordingly.

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