The Indian markets on Wednesday surged for the third straight day to close at a 2-week high, as the BSE Sensex closed almost 700 points higher, and the Nifty settled above the 17,750-mark. In the broader markets, the Nifty Mid-Cap index soared as same as frontline indices, up over 1 per cent at the close. 

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The BSE-listed companies' market capitalization gained by Rs 9 lakh crore in three days and Rs 6 lakh crore in the last 2 days. On Wednesday, banks lead the market higher, as the Nifty Bank up over 2 per cent. 

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All sectoral indices closed on a higher note, in which PSU Bank concluded to be a top gaining index on the NSE today. The market breadth favours advances, the advance-decline ratio stood at 3:1. 

Index heavyweight Housing Development Finance Corporation (HDFC) rose over 2 per cent after reporting a 9-quarter high AUM (asset under management) growth. Jubilant Food and Balarampur Chini slipped during today’s session; while Dabur rises after third-quarter results of FY22.  

Dr Lal, Union Bank, Can Fin Homes, Vodafone Idea, GSPL, Oracle were the top midcap gainers and Chola Investment, Chambal Fert, Indian Hotels were the top midcap losers during today’s session. 

We have collated views from different experts as to what investors should do when trading resumes: 

Expert: Vinod Nair, Head of Research at Geojit Financial Services

The domestic market continued its bull ride tracking budget cues and positive sentiments from global markets. Most sectors remained green while banking and finance stocks contributed most to the gain.  

Global markets added their gain as strong earnings numbers helped investors to digest geopolitical worries. Besides corporate numbers, investors are also awaiting the outcome of OPEC+meeting and Eurozone inflation numbers for January"   

Expert: Rupak De, Senior Technical Analyst at LKP Securities. 

Indian equity remained strong during the last trading session as Nifty moved to its 61.8 per cent retracement level of the previous fall. Going forward, Nifty needs to sustain above 17775-17800 to witness further rally toward 18000 and higher over the short term. On the lower end support seen at 17700, below which the index may consolidate over the near term. 

Expert: Sachin Gupta, AVP – Research, Choice Broking 

A momentum indicator RSI & Stochastic turned up with positive crossover that supports the bullish strength in the index. On a four hourly chart, the index has closed above 200-SMA, which indicates a positive trend for the coming term.  

At present, the Index has support at 17600 levels while resistance comes at 18000 levels, crossing above the same can show 18300-18500 levels. On the other hand, Bank nifty has support at 38700 levels while resistance at 40000 levels. 

Expert: Parth Nyati, Founder, Tradingo on today's market. 

Indian equity markets are continuing their northward journey following a good gain on the budget day where it was a third straight session when Nifty closed with a gain of more than 200 points. The F&O data is very oversold therefore getting the support of short covering. 

Technically, Nifty manages to close above all important moving averages that may lead to further strength in the market towards 18300/18600 levels. On the downside, 17650-17500 is an immediate demand zone while budget day's low of 17244 has become a sacrosanct support level. 

Banknifty has a very strong structure as it manages to close above 39000 resistance level where 40000 is an immediate target level while 41000 is the next resistance. On the downside, 38800-38500 will act as an immediate demand zone while 38000 is a major support level.