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Indian benchmark indices Nifty, Sensex swung between mild losses and gains as investors remained cautious ahead of Budget 2024 presentation. As investors brace for Finance Minister Nirmala Sitharaman’s Budget Speech later in the day, analysts expect markets to be volatile.
“Due to Budget day and the US FED Meeting, volatility increased in the market. Investors and traders are advised to maintain their positions with prudent risk management,” said Mandar Bhojane, Research Analyst, Choice Broking.
At 10:02 am, the Sensex was up 87.23 points or 0.12 percent at 71,840, and the Nifty was up 23.30 points or 0.11 percent at 21,749. About 1,667 shares advanced, 1,362 declined, and 86 were unchanged. In the broader markets, both BSE Midcap and Small indices were trading flat, in line with benchmarks.
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While headline indices remained flat, Bank Nifty was under pressure, falling up to half a percent. The index was dragged by losses of up to 1 percent in Bandhan Bank, ICICI Bank and Federal Bank. On the flip side, Nifty Auto surged over 1 percent as the street expects key announcements for the sector in FM Sitharaman’s Budget speech. Nifty FMCG, Nifty Energy and Nifty IT also saw gains of 0.5 to 1 percent.
Fundamental view
“The recent move in Nifty index is not giving any clear signal over the next directional move and we need a decisive close above 21,850 in Nifty to inch towards the 22,000 zone else profit taking would resume. Amid all, we reiterate our view to focus on stock selection and trade management citing the upcoming events and prevailing earnings season,” said Ajit Mishra of Religare Broking Ltd.
Where are Nifty, Bank Nifty headed?
On the daily chart, Nifty formed a Piercing Candlestick pattern indicating bullishness. “Nifty may find support at 21,450, followed by 21,200 and 21,000. On the higher side, 21,900 can be an immediate resistance, followed by 22,000 and 22,150,” said Bhojane of Choice Broking.
“Bank Nifty is sustaining above the 45,000 levels, which will act as an immediate support level. On the flip side, 47,000 acts as an immediate hurdle. Currently, Banknifty is trading in a range of 44,500 to 46,550, with volatile action expected. If Banknifty breaks the 47,000 level, it may move further up to the 48,000 level,” he added.
Foreign institutional investors (FIIs) net bought shares worth Rs 1,660.72 crore, while domestic institutional investors (DIIs) purchased Rs 2,542.93 crore worth of stocks on January 31, provisional data from the NSE showed.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Nifty, Sensex trade flat amid high volatility; Bank Nifty under pressure ahead of Budget speech – Moneycontrol
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