Workers lay piping at a construction site in Mumbai. The government is expected to ramp up spending in its latest budget, seeking to ease the pain of demonetisation. Pic/AFP

On Friday, Nifty closed positively above 8600. It is likely to gain momentum. Nifty has immediate resistance at 8722 and 9000. Nifty has strong support at 8628 and 8572. Market participants have created fresh long positions after the January expiry, with high expectations about the budget, on February 1. Presently, the market has entered into the overbought territory and the India VIX jumped more than 5 per cent on Friday ahead of the budget, showing volatile movements. It is interesting to notice that the S&P 500 VIX in US moved below 11 per cent suggesting further uptrend in key US indices.