Derivatives view by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):
"We had a positive start for the day, the benchmark index rallied towards the hurdle of 11640 in the early morning trade and then consolidated. In the latter half, once again fresh buying emerged to surpass 11650 on the closing basis.
Post Union Budget announcement, we saw sharp correction along with some shorting in index futures. But, the quantum of selling was insignificant and we believe decent amount of these shorts have also been covered in last couple of sessions. Today, we witnessed addition of some fresh long position in both Nifty and BankNifty. Since early morning, the put writers of 11600 and 11650 were quite active and they also added good amount of positions."