Nifty may target 24,300 post Budget; Trump tariff, RBI policy key triggers

Technical charts suggest the BSE Sensex can potentially surge to 80,600; while, the Nifty MidCap and SmallCap indices can rally up to 5 per cent from present levels.

The NSE Nifty 50 index hit high of 23,632, and a low of 23,318 in intra-day trades on Saturday, February 01, 2025 in a special trading session on account of the Union Budget. As of 2:45 PM, the Nifty quoted with a loss of 30 points or 0.1 per cent at 23,480, after the presentation of the Budget 2025 by the finance minister Nirmala Sitharaman.  In the process, the Nifty 50 index was seen quoting above its 20-DMA (Daily Moving Average) for the second straight trading session after a gap of one-and-half month. Technically, a rebound from lower levels and subsequent sustained trade above the 20-DMA indicates strength for the underlying index or stock.  As such, the Nifty 50 index could attempt to recover further lost ground in coming trading sessions. However, while equity markets in India digest the Budget 2025 proposals; meanwhile, participants will be wary of the potential tariffs threat by the US President Donald Trump, and the RBI Policy next week on February 07.    Among other benchmark indices, the BSE Sensex swung in a 900 points range, and was trading on a flat note at 77,600 levels. The NSE Nifty MidCap index was down 0.3 per cent at 19,785, while the Nifty SmallCap index gained 0.4 per cent at 15,915.  In Budget 2025, the finance minister proposed to increase the personal income tax exemption limit from Rs 7 lakh to Rs 12 lakh, among a host of other positive measures. READ HIGHLIGHTS HERE  Here's a technical outlook on the key equity benchmark indices post the Budget 2025.  Nifty  Current Level: 23,480  Upside Potential: 3.5%  Support: 23,270; 23,155  Resistance: 23,800; 24,000; 24,250  Apart from trading above the 20-DMA, the NSE Nifty 50 index is seen testing resistance around the super trend line on the daily scale at 23,600 levels. Chart suggests that break and close above the 23,600 level, can trigger further recovery on the NSE benchmark. As such, the Nifty can potentially surge towards 24,300 levels - wherein stands the 100-DMA. CLICK HERE FOR THE CHART  Interim resistance for the Nifty can be anticipated around 23,800, 24,000 and 24,250 levels. The near-term bias is likely to remain positive as long as the index holds above 23,270; below which key support for the index is seen at 23,150.    Sensex  Current Level: 77,600  Upside Potential: 3.9%  Support: 76,300  Resistance: 78,680; 79,400; 80,000  The near-term bias for the BSE Sensex is expected to remain positive as long as the index sustains above 76,300 levels. Break and trade below the same can trigger a fresh round of selling, with downside target of 74,400 levels in the near-term.  For now, given the favourable bias, the Sensex needs to cross and sustain above 78,180 for further gains to emerge. On the upside, the Sensex can potentially rally to 80,600 levels, with interim resistance placed at 78,680, 79,400 and 80,000-mark.  Nifty MidCap 150  Current Level: 19,785  Upside Potential: 4.9%  Support: 19,480  Resistance: 20,250; 20,300  The Nifty MidCap index is seen testing resistance at the 20-DMA for the first time since December 19. Chart shows presence of near hurdles for the index at 20,250 and 20,300 levels. Break and sustained trade above the same can trigger a relief rally towards 20,760 levels. For now, the bias is likely to remain cautiously positive as long as the index holds above 19,480. CLICK HERE FOR THE CHART    Nifty SmallCap 250  Current Level: 15,915  Upside Potential: 5.6%  Support: 15,600  Resistance: 16,335  Following a 20 per cent fall from the December high of 18,540 to a low of 14,820; the Nifty SmallCap index has now recouped 8 per cent of the loss. The index seems on course to test the immediate hurdle at 16,335. The index will need to break and sustain above the same for further pullback. On the upside, the index can potentially jump to 16,800 levels. The key support on the downside stands at 15,600. CLICK HERE FOR THE CHART