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NIFTY

* Nifty edged higher ahead of the interim budget and gained nearly a percent.

* Most sectors traded in sync with the move and ended higher wherein pharma, realty and banking were among the top gainers.

* A decisive close above 21,850 in Nifty is critical to inch higher towards the 22,000 zone else profit taking would resume.

* We reiterate our view to focus on stock selection and trade management citing the upcoming events.

BANKNIFTY

* Banking index remained strong for the first half while in second half turned sideways and settled higher gaining over 600 paints.

* All banking major contributed to the move. Wherein HDFC Bank and ICICI gains contributed the maximum.

* It has rebounded higher from the long term moving average, however, 46300 remains the crucial resistance which coincides with short term moving average ribbon.

* We expect consolidation with the positive bias. Focus on the stock selection and risk management.

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