Technicals

Indian equities are expected to open cautiously negative on February 2 due to weak global cues and unfavorable Budget announcements. Key support and resistance levels will guide traders, while the market may remain volatile amid continued FII selling and mixed signals from global markets.

The Indian equity market faces a pivotal moment as the Nifty approaches record highs while the rupee hits an all-time low. This juxtaposition raises concerns amid increased volatility and potential FII selling, despite domestic resilience in equity benchmarks.

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After hitting a record high, the Nifty Bank index experienced profit-booking, dipping half a percent. The decline follows the RBI's recent rate cuts and liquidity measures, though technical indicators suggest a continued bullish trend in the banking sector.

Oracle Financial Services Software shares are gaining bullish momentum, with Anand Rathi forecasting a 13% rise in a month. The stock has a strong technical setup, trading above ₹8,800, and has shown resilience with a 19% gain over the past year.

Infibeam Avenues shares may surge over 20% in a month, per Anand Rathi's bullish outlook. A breakout above a falling trendline and a bullish inverse head and shoulder pattern indicate a potential price reversal, with a recommended entry range of ₹19–19.5.

Angel One expects the upcoming Union Budget to shape market sentiment and investor confidence. With the Nifty index experiencing a correction, technical indicators suggest potential rebound opportunities, particularly in stocks like Ashok Leyland and HAL.

As the Union Budget 2024-25 approaches, it is expected to enhance capital expenditure and manufacturing growth. Investors are advised to consider large-cap stocks, with MOSL identifying several technical stock picks that may perform well amid current market volatility.

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