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The Nifty future closed negative with losses of 1.03% at 21569 levels on Monday. India VIX was up by 6.57% from 12.63 to 13.46 levels. Volatility rose after the cool off in the last week and awakened the bears at crucial support zones.

A White Marubozu is a bullish candlestick pattern in technical analysis.

The market breadth was heavely skewed in favour of the bulls with 48 stocks in Nifty trading in the green. The top gainers were Bajaj Auto, Wipro, Adani Ports & Special Economic Zone, Larsen & Toubro, and Infosys. The top losers were Britannia Industries and Power Grid.

Vivek Goel says: "Given that the Budget immediately prior to general elections is an interim one, similar to earlier interim budgets, we do not expect any major announcements. It is most likely expected to maintain the course of current policy giving markets comfort on continuity. With expectations of monetary policy easing up in 2024 after one of the steepest rate hike cycles, we should see FII flows come back strongly as India has stood out in a difficult period."

Saion Mukherjee says: “We have not seen any major crash or an event in the market so to say since the Covid pandemic started. So, the liquidity environment has been extremely supportive which has led to the present optimism and if we get a soft landing and we do not have a major accident so to say, probably IPO market will continue to see this level of exuberance continue in 2024.”

Most of these companies are part of automobile, auto ancillary, capital goods, electronic manufacturing, metals, and a few in the financial services sector.

A significant uptick in futures open interest signifies a substantial growth in the number of active, unexpired futures contracts in a specific security.

A New York Federal Reserve report on Monday said consumers expect lower inflation as well as weaker income and spending over the next several years.

Megacaps advanced, lifting stocks such as Amazon.com which closed up 2.66% and Alphabet, which rose 2.29%, as Treasury yields fell ahead of readings on inflation and a new supply of government debt this week, with the benchmark 10-year U.S. Treasury yield hitting a low of 3.966% on the session.