Finance Minister Arun Jaitley with MoS for Finance and Corporate Affairs, Arjun Ram Meghwal and senior officials during the Post Budget interactive session with industry associations in New Delhi. Pic/PTI

On February 1, Nifty gained nearly 1.81 per cent after the budget presentation. Domestic and foreign investors supported the market and finally on Friday, Nifty closed above 8759.25. The outlook of the market is positive and it is likely to test 8825 and 8930 in the short term and 9071 in the medium term. Nifty has support at 8697 and 8636. India VIX moved down below 15 and closed at 13.1275 on Friday, indicative of a strong undercurrent in the markets. As expected, Nifty bank also outperformed the general market and it closed at 20196. It is likely to move up further 20396 and it has support at 19900 and 19714. RBI interest rate decision will give further direction to the banking nifty.