Tomorrow’s Market Prediction (February 1, 2024):   

Overall Sentiment: 

The Indian market is gearing up for an interesting session tomorrow, February 1st, 2024, with the highly anticipated Union Budget presentation taking centre stage. This event, coupled with global cues and other domestic factors, is likely to set the tone for Nifty and Bank Nifty’s performance. 

Support and Resistance:   

• Nifty:
  • Support: 21,590 and 21,450 
  • Resistance: 21,924 and 22,088
• Bank Nifty:
  • Support: 45,670 and 45,290 
  • Resistance: 46,530 and 47,154

Key factors to watch:

• Union Budget 2024: The interim budget announcement will be closely watched by investors for any policies impacting the capital markets, economic growth, and corporate earnings. Positive announcements could boost sentiment and lead to a bullish market, while negative surprises might trigger a sell-off.
• Global Cues: International markets, particularly the US indices, will also play a role in influencing investor sentiment. If major Wall Street indices close in the green, it could spill over positively to the Indian market. However, a global risk-off sentiment could dampen domestic indices.
• Earnings Season: Several companies are scheduled to release their quarterly earnings reports tomorrow. Strong earnings performances from key Nifty and Bank Nifty constituents could push the indices higher, while disappointing results might exert downward pressure.
• Technical Indicators: Both Nifty and Bank Nifty have been in a consolidation phase recently, with some analysts expecting a breakout in either direction depending on tomorrow’s developments.

Possible Scenarios:   

• Upward movement: Positive global cues, continued FII buying, and strong performance in key sectors could push indices towards their resistance levels.   
• Consolidation: Mixed global cues, neutral FII activity, and moderate news flow could lead to sideways trading within support and resistance zones.   
• Downward pressure: Negative global news, selling by FIIs, or weak performance in major sectors could push indices towards their support levels.   

Remember:   

• These are just possibilities based on current data and could change significantly due to unforeseen events.   
• This information is for informational purposes only and should not be considered investment advice.   

Stay informed and adjust your strategies based on the evolving market conditions. Wishing you good luck for your trading on February 1^st!   

Disclaimer: This information is based on technical analysis and expert opinions. It is not a guarantee of future performance.