The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher and remain volatile on Sunday ahead of the announcement of the Budget 2026.
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2026-2027 in the Lok Sabha today.
GIFT Nifty futures closed at 25,443 on Friday, indicating the NSE Nifty 50 will likely open above its previous close of 25,320.65.
The Indian stock market is open today, February 1, for a special trading session, on account of the Union Budget presentation.
On Friday, the Indian stock market ended lower amid profit booking, snapping its three-session winning streak.
The Sensex declined 296.59 points, or 0.36%, to close at 82,269.78, while the Nifty 50 settled 98.25 points, or 0.39%, lower at 25,320.65.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty ahead of Union Budget today:
Sensex Prediction
Sensex formed a small candle on daily charts, indicating indecisiveness between the bulls and the bears.
“We are of the view that as long as Sensex trades above 82,000, a positive sentiment is likely to continue. On the higher side, the index could move up to 82,800. Further upside may also extend, potentially lifting Sensex up to 83,000 – 83,200. On the flip side, if the index falls below 82,000, weakness is likely to increase. In such a case, we could see a quick intraday dip down to 81,500 – 81,200,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market noted that Sensex has entered a consolidation phase, mirroring the broader market’s nervousness as it trades below its 50-day EMA.
“Immediate support for the Sensex is pegged at the 81,800 – 82,000 zone, with the 82,000 PE holding substantial Open Interest to serve as an initial cushion. On the upside, reclaiming the 83,000 – 83,200 resistance zone is essential for any sustainable trend reversal,” said Jain.
Nifty OI Data
In the derivatives segment, market breadth remains tilted towards the bearish side, with 82 stocks advancing and 130 stocks declining.
“On the Nifty options front, the highest open interest (OI) on the call side is concentrated at the 25,300 and 26,000 strikes, while on the put side, the highest open interest is at the 25,300 strike. The Put-Call Ratio (PCR) currently stands at 0.73, reflecting cautious undertones in the market,” said Ashika Institutional Equities.
Nifty 50 Prediction
Nifty 50 formed a bullish hammer after testing the 200-day exponential moving average (EMA), signaling a possible short-term reversal.
“A reasonable green candle was formed on the daily chart with minor upper shadow. Technically, this market action indicates a consolidation movement in Nifty 50 near the crucial resistance. The market is awaiting a fresh direction from the key economic event of the Union Budget today. Hence the outcome of this event could open fresh moves in the market on either side,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the immediate support for Nifty 50 is placed at 25,200 and a sustainable upmove above 25,450 – 25,500 levels could possibly open sharp upside ahead.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities noted that the immediate resistance for Nifty 50 is placed in the 25,450 – 25,500 zone, with the index failing to decisively close above this zone after attempting twice in the last six sessions.
“A decisive breakout above this zone could result in Nifty 50 extending its pullback towards 25,650, followed by 25,800 in the near term. On the downside, the 200-day EMA zone of 25,200 – 25,150 zone is likely to act as a strong support,” said Shah.
Bank Nifty Prediction
Bank Nifty index ended 347.40 points, or 0.58%, lower at 59,610.45 on Friday, forming a bullish candle after holding above the 20-day EMA, signaling strong buying at lower levels.
“Bank Nifty bounced precisely from its 21-week EMA, highlighting a positive medium-term structure. The pullback appears to have offered a healthy buying opportunity rather than a trend reversal. The daily RSI stands near 52, indicating neutral to improving momentum with room for further upside. On the downside, the 59,300 – 59,250 zone remains a crucial support; a decisive break below this range could drag the Bank Nifty. Nifty index towards 58,700,” said Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd.
On the upside, he said that 60,000 is a key psychological resistance, with sustained strength above it opening the path towards 60,500.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Nifty Bank index remains above all major moving averages, highlighting that the broader trend remains intact despite the recent pullback. At the same time, the index remains below the Supertrend level, which is acting as an important near-term resistance.
“On the downside, 59,200 remains the immediate support level, followed by 58,800. A close below this zone could increase downside pressure in the near term. On the upside, 59,900 – 60,000 remains an immediate resistance band, followed by the Supertrend level near 60,200. The Bank Nifty index remains range-bound in the short term, with levels on either side likely to guide the next directional move,” said Mehra.
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