The Finance Minister Nirmala Sitharaman will be presenting the Union Budget today. The market is waiting to take immediate actions on the basis of the Union Budget results.
On the index front, both the Sensex and Nifty opened higher in the pre-opening session on February 1. The Nifty is hopefully moving towards robust support zone of 20-weak EMA. It is possibly headed towards 89-day EMA of 13,200 – 13,400 levels.
However, the experts don’t see Nifty to cross the benchmark levels before correction phase. According to experts, the Nifty still can’t cross the 14,000 – 14,2000 levels before correction.
The 13,800–14,000–14,200 levels will become a cluster of resistance regardless of any positive outlook in the market.
Further, hopes are still high as the Nifty is foreseen surpassing the 13,200-13,000 levels. Moreover, the Nifty has already crossed the 13,600 mark with a high 5 percent cut on weekly basis.
Although, there have been many intimidating things in the pre-budget session but there are however two stocks still available for trading.
According to experts trading Bandhan Bank shares for the next 2-3 weeks is profitable. This scrip has witnessed strong selling during the last sessions.
We can expect a bounce back as per its daily and weekly performance on the charts.
There is another stock on the other hand which is Infosys.
The whole IT sector has improved in the last 5-6 sessions. Experts recommend selling Infosys stock on a bounce to Rs 1,255 – Rs 1,265 for a target of Rs 1,175.