The Indian stock market is expected to open lower on February 3, reflecting weak global trends and post-Budget reactions. The Gift Nifty, currently trading at 23,365, suggests a nearly 190-point drop from the previous session's close, pointing to a gap-down opening for the Nifty 50 and Sensex.
During the special trading session on February 1, held alongside the Union Budget 2025 announcement, the Sensex ended nearly flat at 77,505.96, while the Nifty 50 dipped 26 points to 23,482.15. Despite a volatile session, the broader market maintained a positive undertone, supported by recent recovery trends.
Technical indicators suggest mixed market sentiment. Nifty 50's small-bodied candle on the daily chart signals indecision, while its weekly chart reflects a bullish engulfing pattern, hinting at potential strength. However, resistance remains firm at 23,500-23,600, with a breakout needed to push toward 24,000. Key support lies at 23,300, as per analysts.
For the Sensex, market experts note a bullish short-term trend, supported by its 20-day Simple Moving Average (SMA). Key resistance levels are set at 78,500-78,800, while 76,500-77,000 serve as crucial support zones.
Meanwhile, Bank Nifty closed slightly lower at 49,506.95, forming a high-wave candlestick pattern, suggesting market indecision. As long as it trades above 49,000, the broader trend remains positive, with resistance near 50,500.
Investors are advised to monitor key technical levels closely, as market momentum post-budget remains uncertain.
