Pre-Budget rally possible! Sensex, Nifty may hit new highs, charts suggest

As long as the underneath trend is bullish, volatility and minor dips shall be seen as opportunities to go long

With less than a fornight remaining for the announcement of the Union Budget for fiscal year 2022-23, here's what the charts indicate for the key benchmark indices in the run-up to the mega financial event on 01 February, 2022.

S&P BSE SENSEX
Likely target: 62,500 to 63,000
Upside potential: 2.50% to 3%

The BSE Sensex has conquered the major resistance of 60,800 and managed to sustain above the same mark. This small sideways movement suggests a possible breakout above the immediate resistance of 61,600 and when that happens, one can expect a sharp surge in the direction of 62,