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Nifty 50, Sensex on Budget 2024 day: What to expect from Indian stock market in trade on February 1
The Indian stock market indices Sensex and Nifty 50 are expected to open on a cautious note Thursday tracking weak global market cues and ahead of the interim budget 2024. The trends on Gift Nifty indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,830 level as compared to the Nifty futures’ previous close of 21,786. Global market cues remain subdued after the US Federal Reserve Chair Jerome Powell on Wednesday dashed hopes for an interest rate cut as early as March. The Federal Open Market Committee (FOMC) kept its key interest rate unchanged in its January policy meet. On Wednesday, the bulls took charge and the benchmark indices witnessed strong upward momentum with the Nifty 50 closing above 21,700 level. The Sensex jumped 612.21 points, or 0.86%, to close at 71,752.11, while the Nifty 50 settled 203.60 points, or 0.95%, higher at 21,725.70. Nifty 50 formed a long bull candle on the daily chart that has almost recovered the loss of Tuesday’s session. Though, Nifty declined sharply from near the hurdle of 21,750 - 21,800 levels, the strong buying has emerged from the immediate support of 21,400 levels. “Having moved just above the recent lower top of 21,750 levels on 29th and 30 January, there is a higher probability of negation of previous bearish chart pattern like lower highs and lower lows on the daily chart and that could eventually result in a bullish formation of higher highs and lows. This is a positive indication for the market ahead," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty 50 remains up and the market is waiting for the triggers from the key economic event of Union Budget 2024 today. High volatility is likely on Thursday and one may expect chances of decisive upside breakout of 21,800 levels soon. Source - Mint
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