The Indian benchmark indices erased gains and ended lower on Friday as volatility remained high in the run up to the Union Budget announcement.
“Index formed a small bullish candle which remained contained inside previous session price range signaling consolidation amid stock specific action. Volatility is expected to remain at an elevated levels in the coming week on account of the Union Budget, RBI monetary policy outcome and volatile global cues,” said Bajaj Broking Research.
The brokerage added that on the upside, a move above 25,500 will open further upside towards 25,700-25,800 levels. While on the downside 24,900-25,000 levels will act as key support.
Shrikant Chouhan, Head Equity Research at Kotak Securities said the positive sentiment is likely to continue if market trades above 25,200.
“Overall, markets are expected to remain focused towards budget related announcements, and global cues,” stated Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services
The Centre is set to present the Union Budget for financial year 2026-27 on Sunday, Feb. 1
Bank Nifty
“Bank Nifty formed a small, bodied candle with a long upper shadow which remained contained inside previous session price range signaling consolidation amid stock specific action,” stated Bajaj Broking Research.
If the index moves above the recent high of 60,400 could trigger further upside towards the 61,500 zone. On the downside, immediate support is seen near 59,000-58,800 while key support can be found at 58,000–57,500 levels.
Market Recap
The Nifty declined 98.25 points 0.39% to end at 25,320.65 while Sensex fell 296.59 points, or 0.36%, to 82,269.78at close.
In the broader market, the Nifty Midcap index eased 0.19%, whereas the Small-capindex gained 0.32%.
On the sectoral front, the metal index saw a sharp 5% drop. Oil & gas, banking, IT and energy indices also ended lower, falling between 0.5% and 1%. Meanwhile, pharma, media, consumer durables and FMCG stocks outperformed, rising in the range of 0.7% to 1.8%.
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