Indian stock market recovered from early morning losses and ended in positive territory on Tuesday session. NSE Nifty ended 13 points higher at 17,662 whereas BSE Sensex surged 49 points and closed at 59,549 levels. Stock Market on Budget day: NSE Nifty, BSE Sensex gained, US dollar down.
Bank Nifty went up 267 points and finished at 40,655 mark. Broad market indices rose more than the Nifty even as the advance decline ratio jumped to 3.28:1. According to stock market experts, Nifty is expected to remain range-bound till budget 2023 gets presented.
Breaching of higher or lower level of the range would ascertain bullish or bearish trend in the market post budget. They advised traders and investors to know the pivot levels of the markets as market is expected to remain volatile in a range on budget 2023 date. on 1st February 2023.
The BSE Sensex gained 50 points to 59,550, while the Nifty50 inched up 13 points at 17,662 on Tuesday and formed a bearish candle with a long lower shadow on the daily charts hinting at buying binge at lower levels. The index has taken support at 17,550, the 200 DEMA (daily exponential moving average).
As per the pivot charts, the key support level for the Nifty is seen at 17,569, followed by 17,523, and 17,447. If the index moves up, the key resistance levels to watch out for will be 17,721, followed by 17,768 and 17,843.
The Indian rupee is likely to open higher versus the dollar on Wednesday, helped by the decline in Treasury yields following weak U.S. economic data. The rupee is expected at around 81.75-81.80 per U.S. dollar at open, compared with 81.92 in the previous session. The local currency posted its worst decline in about two months on Tuesday, briefly falling below the 82 level.
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While the dollar will be offered at open, volumes will likely be on the lower side and no additional positions will be created before the budget, a trader at a Mumbai-based bank said.
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