Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 2

The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Friday following positive global cues.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 21,900 level as compared to the Nifty futures’ previous close of 21,741.

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On February 1, the domestic equity benchmark indices ended a volatile Budget session lower.

The Sensex declined 106.81 points to close at 71,645.30, while the Nifty 50 settled 28.25 points, or 0.13%, lower at 21,697.45.

Nifty 50 formed a small negative candle on the daily chart, which is indicating directionless cues derived from Thursday’s Union Budget. Nifty continues to face stiff resistance around 21,750 - 21,800 levels.

“A rising wedge type pattern was formed on the daily chart and the previous significant opening downside gap of 17th January remains intact and the lower end of the gap around 21,850 is offering strong resistance for the market as of now. Hence, a decisive move above 21,850 and below 21,550 levels could trigger fresh movement for the market ahead,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

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

Nifty Prediction

Nifty consolidated on Thursday, the day of Union Budget 2024, and closed the day lower by 28 points. 

“Indian equities maintained most of their previous day’s gains as market participants welcomed the budget in a very positive way. The Nifty closed above the short-term 21EMA (Exponential Moving Average) for three out of the last four days, suggesting resilience in the current bullish trend. This bullish momentum in the Nifty is likely to persist as long as the index remains above 21,500,” said Rupak De, Senior Technical  Analyst, LKP Securities.

On the higher end, a decisive move above 21,750 might set the Nifty up for a rally towards 22,100 - 22,200 in the short term, he added.

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Bank Nifty Prediction

The Bank Nifty bulls demonstrated strength as the index closed above the 46,000 level on the interim budget day.

“The overall undertone remains bullish, with support at 47,800 providing a cushion for the bulls. On the upside, the immediate resistance is positioned at 46,500, and a breakthrough at this level is anticipated to trigger sharp short-covering moves in the market,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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