Apart from the budget, it is also the day after the announcement of the monetary policy meeting of the US central bank, the Federal Reserve, so the NSE’s Nifty, one of the main stock indices, is also likely to experience relative volatility. Against this background, market experts are optimistic about the prospects of key indices on the budget day on February 1
Geojit Financial Services
The focus will be on the domestic market in the interim budget itself. In particular, the tax proposals related to capital market investments will be closely watched by the market. Similarly, the government’s fiscal deficit and growth assumptions are crucial for the market. Maintaining a relatively high level of economic growth is also a very important factor for the market. The announcements and measures for this will be reflected in the market. VK Vijayakumar, chief investment strategist at Geojit Financial Services, a leading Kerala-based brokerage firm, said that stock-focused moves can also be expected in this scenario.
Nifty’s Prospects on Budget Day
In the last nine trading days, the Nifty index has been hovering between 21,100 to 21,800 levels. Out of this, support in the 21,200 – 21,100 region is crucial. If this is broken, the Nifty index may face a correction of 500-600 points. So move to quality stocks. At the same time, we can expect better resistance in Nifty index at 22,000 level. The all-time record high of 22,125 is also a hurdle to cross here. A research report released by leading brokerage firm Angel One suggests that Nifty can jump to new highs if this is also crossed.
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