Budget Week: Union Finance Minister Nirmala Sitharaman will finally present the budget in the end this week. There may be huge ups and downs in the market before the budget. Three major events this week can play an important role in deciding the direction of the market. These include the results of the US Central Bank of Federal Reserve on Wednesday, Monthly expiry of Futures and Options on Thursday and Union Budget 2025 on Saturday.
Indian stock markets will be open for six trading sessions this week. Due to the Union Budget 2025, a full day trading session has been kept in the stock market on Saturday. At the same time, the last week markets closed with a weekly decline for the third consecutive week.
Nifty Top Gainers & Loozers
The shares of the Nifty 50 were Wipro Top Gainer. The IT company’s stock rose 14 percent. Apart from this, Kotak Mahindra Bank, UltraTech Cement, Britannia Industries, Grasim, Tata Consumer Products, Aisher Motors, Tech Mahindra, Bajaj Finance and Infosys were in other major benefits and increased by 3 to 7 percent.
On the other hand, Trent Limited’s shares slipped around 12 percent. ONGC shares including Dr. Reddy’s, SBI Life Insurance, Adani Ports, Tata Motors, Axis Bank, Bharat Electronics, Reliance Industries and Mahindra & Mahindra slipped from 4 to 7%.
How will the stock market move this week?
India Volatily Index is indicating increasing volatility during the new term in the market. Momentum’s leading indicators are showing positive differences on the Daily Weekly Chart.
BSE Sensex
Current level: 76,190
Support: 75,800; 75,200
Resistance: 77,050; 78,150
In recent weeks, the Sensex has been at a lower level. The index is facing a continuous obstruction above 77,000 points. Monthly Fibonacci chart suggests that the pullback rally in the Sensex requires stability above 77,000-canon.
If the Sensex maintains the level above 77 thousand, then the index can climb up to 78,150. After this, the Sensex can show up to 79,300-80,000 upside by taking a small rally. On the other hand, if the Sensex goes below 75,700 levels, it may decline to 75,200 and 74,350 levels.
Weekly Fibonacci chart is expected to stay in the trading range between 75,150 and 77,250 of BSE Sensex. At the same time, it can go up to 79,000 points in upside. The interim support for the Sensex was at 75,800 – 75,550 – 75,350 level.
Nse nifty
Current level: 23,092
Support Level: 23,000; 22,700
Resistance: 23,450
The Nifty seems to have been struggling below its short-term moving average-20-DMA (Daily Moving Average) for more than a month. The major short term obstacles for the 20-DMA index at 23,450 remain.
However, the ADX (average dietal index) indication is showing that the current trend may soften and the bears may take some relief. In such a situation, if the Nifty breaks above the 20-DMA, then the Near Term can bounce up to a level of 23,800. At the same time, on downside, continuous trading below 23,000 points, can trigger fall by 22,700. The long term chart suggests that the Nifty is ready to test its 20-MMA (monthly moving average) at 22,250. It has support in the level of 21,500 in the bottom.