Stock market today: The Indian stock markets experienced a downturn on Friday, with metal stocks leading the decline. Factors such as a weak rupee, ongoing foreign outflows, and rising oil prices made investors wary as they await the federal budget on Sunday.
The Nifty 50 dropped 0.28% to 25,352 . 85, and the Sensex fell 0.23% to 82,373.01 by 14:13 IST.
Metal stocks declined by 4%, following a gain of 8.5% over the last three sessions, influenced by a decrease in gold and other base metal prices following their recent uptick.
Investors are looking forward to the federal budget for initiatives aimed at boosting economic and corporate earnings growth. There will be a special trading session on Sunday.
Market Views – Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities
Nifty 50
Nifty 50 continues to trade above its 200-DMA at 25,184 and remains comfortably above the key psychological 25,000 mark, indicating underlying resilience.
all bullish eyes are on the most powerful minister in PM Narendra Modi’s cabinet — Finance Minister Nirmala Sitharaman — as markets await pro-growth cues from the Union Budget.
The Positive Catalyst: The government’s GDP growth forecast of 6.8%–7.2% for FY27 boosted optimism around the domestic economic outlook.
# Our Call of the Day: The Fed can afford to wait to cut rates, but Nifty 50 bulls are now eagerly awaiting pro-growth cues from the Union Budget. Hence, all bullish eyes turn to the most powerful minister in PM Narendra Modi’s cabinet — Finance Minister Nirmala Sitharaman
# Street’s Expectation: Measures to boost consumption and support economic growth, while staying on the fiscal consolidation path.
# Note: The Union Budget will be presented this Sunday, February 1, 2026 (special trading session: 9:15 AM–3:30 PM).
What Technicals Tells Us On Nifty 50 and Bank Nifty:
Technically, Nifty 50’s crucial support is at 25,151 and remains the line in the sand — a breakdown below this level could accelerate downside pressure to psychological 25,000 mark and then at 24,500 mark.
Nifty 50’s all-time high of 26,373.20 shall continue to be biggest hurdles. Intraday hurdles at 25,503 mark.
Meanwhile, Bank Nifty’s crucial and biggest support is placed at 59,201 — Only a breakdown below this level could accelerate downside pressure towards 58,121 and then at 57,157 mark.
Shares to focus on the near-term
Focus on Bharti Airtel: Bharti Airtel is currently in a consolidation phase with price action hovering around its short- and medium-term moving averages, indicating indecision in the near term. Momentum indicators such as RSI remain below the neutral zone, pointing to mild short-term weakness, though no strong bearish reversal is evident.
According to Tapse, the stock has immediate support in the ₹1,870– ₹1,900 zone, below which selling pressure could extend toward ₹1,855– ₹1,850, while the upside is capped near ₹2,000, followed by a stronger resistance band at ₹2,040. From a trading perspective, Airtel remains range-bound, with a sustained breakout above ₹2,050 likely to revive bullish momentum, whereas failure to hold support the stock may go under pressure and lead to further consolidation.
Buy-on-dips on Larsen & Toubro (L&T): L&T is currently trading in a consolidation zone after its recent upmove, with prices holding above key medium-term moving averages, indicating that the broader trend remains positive despite short-term sideways action. Momentum indicators such as RSI are hovering near the neutral zone, reflecting a pause rather than exhaustion.
According to Prashanth, the immediate support is placed around ₹3,860– ₹3,880, with a stronger support base near ₹3,800, which is likely to attract buying interest on dips. On the upside, resistance is seen near ₹3,980– ₹4,000, and a sustained breakout above this zone could open the door for a fresh leg of the rally toward ₹4,050 and higher. Overall, the technical setup suggests a buy-on-dips approach while the stock holds above its key support levels, with a clear directional move expected on a breakout from the current range.
Focus on Bajaj Housing Finance as it is appearing to be form a potential base after earlier consolidation, with key support levels around ₹82-85 offering a structural foothold and establishing a strong demand zone; a decisive breakout above the ₹98-100 range could trigger renewed upside momentum toward the next resistance cluster near ₹122– ₹124, suggesting scope for a rebounding trend if buyers step in above these thresholds. The broader technical picture hints at a constructive shift as the stock absorbs selling pressure and starts to stabilize, and holding above immediate support levels could pave the way for the anticipated bullish move toward higher resistance targets.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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