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Below the Quote on Market Wrap Up by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets extended their winning streak, gaining over a percent in yet another strong session. The Nifty index maintained a positive tone from the outset, advancing steadily throughout the day, driven by optimistic expectations from the Union Budget. All key sectors contributed to the rally, with energy, FMCG, and realty emerging as top gainers, while themes like railways and defense also witnessed decent traction. In tandem with the broader trend, mid and small-cap indices surged nearly 2%, extending their recovery. 

Nifty has shown a remarkable rebound in recent sessions, surpassing its short-term resistance at the 20-day exponential moving average (DEMA). The index is now approaching the next critical hurdle at the 200 DEMA near 23,650, and a decisive breakout could pave the way for further gains toward the 23,900+ zone. However, with the Union Budget in focus, volatility is expected to remain elevated. On the downside, Nifty is likely to find support in the 22,900–23,100 range in case of a pullback. Given the prevailing uncertainty, we recommend maintaining a cautiously optimistic stance and favoring hedged positions until the event unfolds."

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