Bajaj Broking: Indian benchmark indices ended lower on January 30, snapping a three-session winning run, with the Nifty slipping below the 25,350 level ahead of the Union Budget. IT stocks remained under pressure amid concerns over global growth and elevated U.S. bond yields, while gold and silver prices weakened as the dollar strengthened. Persistent FII outflows and continued depreciation in the rupee further dampened market sentiment.

At the close, the Sensex fell 296.59 points, or 0.36%, to 82,269.78, while the Nifty declined 98.25 points, or 0.39%, to 25,320.65. In the broader market, the Nifty Midcap index eased 0.19%, whereas the Small-capindex gained 0.32%. On the sectoral front, the metal index saw a sharp 5% drop. Oil & gas, banking, IT and energy indices also ended lower, falling between 0.5% and 1%. Meanwhile, pharma, media, consumer durables and FMCG stocks outperformed, rising in the range of 0.7% to 1.8%.

Nifty Outlook

Index formed a small bullish candle which remained contained inside previous session price range signaling consolidation amid stock specific action. Volatility is expected to remain at an elevated levels in the coming week on account of the Union Budget, RBI monetary policy outcome and volatile global cues. Nifty in the coming sessions is likely to consolidate in the range of 25,000-25,500, only a breakout and breakdown in any direction will signal the next directional move. On the higher side a move above 25,500 will open further upside towards 25,700-25,800 levels. While key support id placed at 24,900-25,000 levels being the confluence of 52 weeks EMA and lower band of the rising channel in placed since August 2025. A breach below the support area will open downside towards 24,600.

Bank Nifty Outlook

Bank Nifty formed a small, bodied candle with a long upper shadow which remained contained inside previous session price range signaling consolidation amid stock specific action. In the coming sessions, the index is likely to consolidate within the 58,500–60,400 range. A decisive move above the recent high of 60,400 could trigger further upside towards the 61,500 zone. On the downside, immediate support is seen near 59,000-58,800, aligned with the 50-day EMA. The key support zone is placed at 58,000–57,500, marking the confluence of the 100-day EMA and a major breakout area.

Also Read: Bajaj Broking, Ashika Institutional & MOFSL Market Closing Insights

Ashika Institutional Equities

Reflecting global volatility, Indian markets opened on a gap-down note today. The benchmark Nifty index opened at 25,247, touched an intraday high of 25,370, and recorded a low of 25,213. As of now, the index is trading sideways, oscillating within this range as investors remain cautious ahead of the Union Budget announcement scheduled for February 1, 2025. On the sectoral front, strength is visible in Media, FMCG, Consumer Durables, and PSU Banks. Meanwhile, weakness persists in Metals, Commodities, CPSE, IT, and PSE stocks, indicating a mixed market sentiment.

In the derivatives segment, market breadth remains tilted toward the bearish side, with 82 stocks advancing and 130 stocks declining. On the Nifty options front, the highest open interest on the call side is concentrated at the 25,300 and 26,000 strikes, while on the put side, the highest open interest is at the 25,300 strike. The Put-Call Ratio (PCR) currently stands at 0.73, reflecting cautious undertones in the market. On the commodities front, Gold is down by 4.25%, while Silver has declined by 10.7% on MCX so far today