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Nifty

Nifty commenced the February series on an optimistic note, extending its rally towards the critical resistance zone at the 200-day EMA of 23,630. The ongoing consolidation phase makes this level a key hurdle— a decisive close above it could trigger fresh buying, whereas failure to reclaim it may push the index back below 23,000. On the indicator front, the ADX has been declining, suggesting a loss of momentum, while the RSI remains above the 50 level, signaling sustained strength ahead of the key event. The 5-DEMA support now stands at 23,300. Options data highlights key support zones between 23,000 and 22,800, with additional cushioning down to 22,500, while the upside remains capped at 24,000. Sectoral divergence persists, with defensive stocks showing resilience, whereas cyclicals remain under pressure. Given the event-driven volatility, it’s ideal to stay nimble and deploy trades cautiously on either side until the budget is fully unveiled. Monitoring price action at key levels will be crucial, with the historical average range for this event indicating an average price variance of 2.4%

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