Market surprised everyone on the street today by a stunning move amid lots of pessimism post-budget. It was expected that Nifty may see some pullback or consolidation near its 200-DMA of 11655 but today's big rally was not expected by anyone. Today's rally can be attributed to a sharp fall in Crude Oil prices, Positive global market, and a serious short covering. There was pessimism in the market post-budget with worries of coronavirus and the market has a habit to surprise by a rally in the mood of pessimism.

On the derivative front, FIIs had 79% short positions in index future and their short-covering also helped today's rally in the market. Banking sector led the rally today ahead of RBI policy on Thursday, there are expectations of no rate cut in upcoming policy but RBI may surprise by a rate cut amid growth concerns and falling crude oil prices.

Technically, 12050-12100 will act as an immediate supply zone; if Nifty manages to cross 12100 marks then the overall texture of the market may again turn bullish while in the downside 100-DMA of 11845 will act as immediate support, below this, 200-DMA of 12655 is major support.