Hot Stocks | ITC, ICICI Bank two trading ideas for the short-term

Finance Minister stood by her words and really presented ‘like never before’ Union Budget on February 1.

Since the market had lightened up ahead of the event, market participants had all the reasons to grab this opportunity with both hands and hence, we saw a gargantuan move to clock probably the biggest gains ever on the Budget day.

The level of exuberance kept on rising as the week progressed to clock one of the biggest weekly gains.

There was no doubt left after last Monday’s session that we were heading towards record highs.

The real charioteer of this spellbinding move was the financial space.

Some of the banking giants took off in the week gone by as if there is no tomorrow. Now, the market has hastened towards its near-term targets with this fast and furious rally.

It would be interesting to see how it behaves this week. As far as the levels are concerned, 15,050 – 15,200 – 15,400 are the important Fibonacci levels in the upward direction, whereas, on the lower side, 14,700 – 14,500 are the key supports.

Although the banking stocks have seen the rarest weekly spurt in the week gone by, some profit booking was witnessed last Friday after a marathon rally.

This led to the formation of the ‘Gravestone Doji’ pattern on the daily chart of Bank Nifty.

The said pattern needs confirmation of price trading below the low of the candle i.e. 35,545.