By Vineet Kumar 
Nifty 50 Prediction for Tomorrow (Budget Day, February 1): Bullish Breakout Sets Positive Tone
The Nifty 50 index has witnessed a breakout from the falling wedge pattern, signaling a potential short-term bullish reversal. This comes at a crucial time, just ahead of the Union Budget 2025, adding excitement and volatility to the markets.
Nifty 50 Market Performance (January 31, 2025)
On the last trading session before Budget Day, Nifty 50 surged 258.90 points (+1.11%) to close at 23,508.40. The Sensex followed suit, gaining 740.76 points (+0.97%), ending at 77,500.57.
Technical Analysis: Nifty 50 Chart Insights
According to Rupak De, Senior Technical Analyst at LKP Securities, the breakout from the falling wedge pattern is a strong bullish indicator. Additionally, Nifty has crossed the 21-period EMA, reinforcing the positive momentum. The Relative Strength Index (RSI) also signals further upside potential.
However, market movement will largely depend on how investors react to the Budget announcements.
Support and Resistance Levels for Nifty 50
Immediate Support: 23,300 – 23,200
Resistance Levels: 23,600 – 23,800
Nifty 50 Trend Shift: Bearish to Bullish
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, notes that Nifty 50 has formed a long bull candle on the daily chart, breaking past 23,400 resistance. The previous lower top and bottom pattern of the last month seems to be reversing, indicating the formation of bullish higher tops and bottoms.
With 23,500 now acting as a strong support, bulls could push Nifty 50 towards the 23,800 resistance level in the near term.
Outlook for Nifty 50 on Budget Day
The underlying trend remains bullish, but volatility is expected as the market reacts to key budget announcements. If global cues and policy measures align positively, Nifty could sustain its upward momentum, aiming for the 24,000 mark.
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