The markets rallied for the third straight day post Budget. The major indices - the Sensex and Nifty have closed above their short- and medium-term averages, and momentum oscillators have now entered overbought zones, hence some consolidation is warranted at current levels.
The Sensex yesterday regained the 17,000-mark, after January 21, 2010. Some of the laggards like Reliance, realty and oil marketing companies joined in the rally on Wednesday.
The index may now face resistance around 17,090-17,145, while seek support around 16,910-16,855. The current up move is unlikely to end in a hurry, and we may see the Sensex move in a trading band of 16,620-17,465 for most part of this month.
The NSE Nifty ended with a gain of 71 points at 5,088. The index may face resistance around 5,118-5,137, while find support around 5,058-5,040.
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