Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 3 after Budget 2025 | Stock Market News

The domestic equity market indices, Sensex and Nifty 50, are likely to open lower on Monday tracking weak global market cues.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,365 level, a discount of nearly 190 points from the Nifty futures’ previous close.

On Saturday, the domestic equity market ended the special trading session flat after the presentation of the Budget 2025.

The Sensex gained 0.01% to close at 77,505.96, while the Nifty 50 settled 26.25 points, or 0.11%, lower at 23,482.15.

A special stock market trading session was conducted on Saturday, 1 February 2025, while the presentation of Union Budget 2025 in the Parliament.

Nifty 50 formed a small-bodied candle on the daily chart, indicating indecision. On the weekly chart, Nifty 50 formed a long bull candle that engulfed the previous two weeks’ candle formation.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

The Sensex ended flat at 77,505.96 on Saturday amid high volatility as the Budget 2025 was presented. Last week, the benchmark indices bounced back sharply and the Sensex was up over 1,300 points.

“During the week, the Sensex slipped below 75,500 but, due to oversold conditions, it bounced back sharply. After forming a promising reversal pattern, the market held its positive momentum throughout the week. Technically, on weekly charts, Sensex has formed a long bullish candle and is currently trading comfortably above its 20-day Simple Moving Average (SMA), which is largely positive,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

He is of the view that the short-term market texture is bullish, but due to temporary overbought conditions, we could see range-bound action in the near future.

“For traders, the 20-day SMA or 77,000 and 76,500 would act as key support zones, while the 50-day SMA or 78,500 and 78,800 could be the key resistance areas for the bulls,” said Chouhan.

Nifty OI Data

An analysis of the options chain reveals that the highest Nifty open interest (OI) on the downside is at 23,000 PE (84.91L), while on the upside, the maximum OI is at 24,000 CE (137.5L). If Nifty 50 breaks out in either direction, we may expect a strong follow-through movement, said Om Ghawalkar, Market Analyst, Share.Market.

Nifty 50 Prediction

Nifty 50 closed lower by 26 points at 23,482.15 on February 1 amidst high volatility on the Budget day.

“Nifty 50 formed a small negative candle on the daily chart with upper and lower shadow. Technically, this pattern indicates a high wave type candle pattern which indicates high volatility in the market. The 200-day EMA (Exponential Moving Average) has acted as a strong hurdle for the market at 23,620 levels and that resulted in selling pressure from the highs,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

This bullish engulfing pattern on the weekly chart signals possible formation of near-term bottom reversal in the Nifty 50 at the low of 22,786 levels, he added.

“The underlying trend of Nifty 50 remains positive and the market is facing stiff resistance around 23,500 – 23,600 levels. A decisive move above this hurdle could open further upside towards 24,000 levels in the near term. Immediate support is placed at 23,300 levels,” Shetti said.

According to VLA Ambala, Co-Founder of Stock Market Today, technical charts suggest the benchmark index Nifty 50 formed a bullish candlestick pattern on the weekly frame, near its 50-week EMA, and a high-wave doji pattern on daily charts close to its 200-day EMA.

“These formations suggest a mixed sentiment in the broader market. Based on this, the range between 23,250 and 21,500 could serve as immediate support levels, whereas 23,750 and 23,900 could be immediate resistance levels. I advise market participants to focus on the favoured sectors and plan investments accordingly,” Ambala said.

Bank Nifty Prediction

Bank Nifty closed 80.25 points, or 0.16%, lower at 49,506.95 on Saturday, forming a high wave-like candlestick pattern on the daily timeframe.

“For Bank Nifty, as long as it is trading above its 20-day SMA or 49,000, the bullish formation is likely to continue. On the higher side, 50,250 and 50,500 would be the key resistance zones for the traders,” said Shrikant Chouhan.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.