The first digital budget had got a big thumbs up from the market. Even a day later the market continues to cheer the budget. Both Nifty and Sensex ended more than 2 per cent strong and Bank Nifty was up by 3 per cent.
At close, the Sensex was up 1,197.11 points or 2.46 per cent at 49,797.72 and the Nifty was up 366.70 points or 2.57 per cent at 14,647.90.
Talking to Mumbai Live, Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said, "After yesterday’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 14,650, marking its highest close ever."
Commenting on Nifty beingclose to a new high, Jain said, "The post-budget move yesterday accelerated the uptrend and similar exuberance continued in today’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 today 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".
Furthermore, along with the indices, the stock specific moves are mesmerizing as many stocks have rallied sharply in these couple of sessions. Jain expressing his opinion regarding the future course for Nifty said, "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.”
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