It was for the first time after Union Budget 2005 that the Indian benchmark indices have surged more than 1.7% on the day of budget. Nifty closed above 8700 mark for the first time since 24th of October 2016.
Nifty closed at 8713 levels while Sensex hit 28000 mark and closed at 28140 gaining 484 points from the previous close.
Broader markets too remained in line and zoomed 1.66%. Market bias remained highly positive with 1920 advances and 901 declines.
Realty sector pulled the markets up gaining almost 5% with Oberoi Realty, DLF and HDIL surging 6% plus.
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Nifty Bank closed above 20000 levels for the first time since November 10, 2016. Auto and Banking majors viz., Bosch, Maruti Suzuki, Bank of Baroda, Eicher Motors and ICICI Bank were the top gainers for the Nifty.
Maruti, Hindalco, IndusInd Bank and ITC closed above their respective 52-W highs.
Going forward we hold 8737-8745 as the immediate resistances followed by 8810 as the crucial resistance. On the downside if Nifty retreats due to profit booking we hold 8670-8600 as the supports for the Nifty.
Maruti, Hindalco, IndusInd Bank and ITC closed above their respective 52-W highs.
Going forward we hold 8737-8745 as the immediate resistances followed by 8810 as the crucial resistance. On the downside if Nifty retreats due to profit booking we hold 8670-8600 as the supports for the Nifty.
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