The level of 17,700 will be the initial hurdle for the market on Budget Day followed by 17,800-18,000, experts said
Sunil Shankar Matkar
January 31, 2023 / 05:14 PM IST
The Nifty remained highly volatile but managed to close 13 points higher at 17,662 on January 31, a day ahead of the Union Budget 2023 to be presented in Parliament by Finance Minister Nirmala Sitharaman.
Buying in banks, auto, FMCG and metal stocks supported the market, however, selling in technology, pharma and oil & gas stocks capped the upside.
The benchmark index formed a bearish candle on the daily charts with long lower shadow, indicating support-based buying.
It surpassed the resistance level of 17,700 in the opening but could not hold on to it. The level of 17,700 could be the initial hurdle on the budget day followed by 17,800-18,000.
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