Nifty Bank hits fresh high post Budget boost; charts suggest further upside

Among individual stocks, Axis Bank, ICICI Bank, SBI may climb higher levels in coming sessions

The Indian benchmark indices logged their biggest Budget-day gain in absolute terms on Monday, propelled in large part by financials after Finance Minister Nirmala Sitharaman, while presenting the Union Budget for the financial year 2021-22, made various announcements including increase in foreign direct investment (FDI) limit in the insurance sector, recapitalisation, and privatisation of public sector banks (PSBs). That apart, strong Q3 performance of certain individual banks for the quarter ended December 2020 (Q3FY21) also boosted sentiment.

The Nifty Bank index hit its fresh all-time high in Monday's intra-day deals at 33,305, and logged its biggest one-day surge of 8.26