Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,550-17,600 ahead of the Budget announcements on February 1 — the day Finance Minister Nirmala Sitharama reveals what's in store for the economy, the market and the common man in her Union Budget for 2023-24, followed by a higher zone in the 17,775-17,850 area.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

For the post-Budget period, he sees support coming in for the 50-scrip index at 17,400-17,500 levels, and, further below, a strong support zone in the 17,100-17,175 band. 

For the Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, Axis Bank and ICICI Bank, Anil Singhvi expects pre-Budget support for the Nifty50 at 40,350-40,400 levels, followed by a higher zone at 40,900-41,150 levels. 

For the banking index, he sees support coming in at 40,000-40,150 after Budget announcements, and a strong support zone in the 39,425-39,625 area.  

Higher post-Budget levels for Nifty, Nifty Bank

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,875-18,000 levels after the presentation of Budget, and a profit booking zone in the 18,125-18,200 band. 

For the Nifty Bank, he sees a higher zone coming in at 41,400-41,650 levels, and a profit booking zone in the 42,175-42,300 area.

Here's how Anil Singhvi sums up the market setup on February 1 — the Budget 2023 day: 

LIVE stock market updates, and latest on Economic Survey 2022-23 and Union Budget 2023-24 here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.