Markets end on mixed note on Budget day; Sensex up by 158 points, Nifty slips 46 points

BSE benchmark Sensex rose by 158.18 points or 0.27 per cent to settle at 59,708.08. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.

However, NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30.

On the BSE index, ITC was the biggest gainer up by 2.61 per cent. Tata Steel, ICICI Bank, Tata Consultancy Services, HDFC, HDFC Bank and Infosys were among the other winners. While, Bajaj Finserv, State Bank of India, IndusInd Bank, Sun Pharma, M&M and Axis Bank were the prominent laggards.

While in Nifty, ICICI Bank, JSW Steel, ITC, Tata Steel and Britannia were top gainers. Adani Enterprise, Adani Ports, HDFC Life, SBI Life and Bajaj Finswrv were laggards.

Twenty-three of the Nifty 50 constituents advanced while 27 declined.

“The daily candle of the benchmark index Nifty purely indicates a super volatile day, where prices swung over 600 points and formed a long wick on both ends. From the past four trading sessions prices are taking support near 200 DMA, which is placed at 17,550 levels on the daily scale. The monthly chart of Nifty-50 has turned bearish as we witnessed the follow-up bearish candlestick after bearish engulfing in December 2022. As the bearish pattern was formed at all-time high levels, prices need to cross the high of 18,888 on the closing basis to neglect the bearish candle stick set up,” said Rohan Patil, Technical Analyst, SAMCO Securities.

“The moving average study on the weekly time frame indicates the Nifty is trading at make-or-break levels near its 50 EMA which is placed at 17,400 levels. A closing below 17,400 – 17,300 may accelerate the bearish momentum towards 17,000 – 16,800 which were the prior support zones for the benchmark index. On the other hand, resistance is capped below the 18,100 level and if prices surpass that level, then the 18,300 levels will be the next resistance. For Nifty, maximum OI build up is seen at 17,000 Put and 18,000 Call Option for the 2nd February expiry and for the next week expiry, maximum OI build up is seen at 17,500 Put and 18,000 Call & followed by 18,200 Call Option. The PCR ratio for the near week expiry stands at 0.54 and for the next week expiry at 0.68. The overall writing data suggests negative bias as Call writing is higher than Put writing. The immediate or temporary bounce back cannot be ruled out as PCR ratio drops near to 0.50 levels,” he added.

The rupee pared initial gains and settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday.

Foreign Institutional Investors (FIIs) offloaded shares worth a net ₹5,439.64 crore on Tuesday, according to exchange data.