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Stage is set for next leg of up move…eyes on Union Budget!

ICICIdirect Research 30 Jan 2026 DISCLAIMER

Equity benchmark settled the volatile week on a positive note at 25350, up 1.2%; as India-EU trade deal provided cushion to the market.  Mid and small cap index recovered lost ground and settled 2% & 3% higher, respectively.
Eventful week: All eyes now turn to the Union Budget and RBI Policy outcome; both expected to steer sentiment and keep volatility elevated wherein strong support for the Nifty is placed in the 24700-24300 zone
What to expect: Over past two weeks, supportive efforts emerged in the vicinity of 52 weeks EMA (24900). Going ahead, sustainability above last week’s high of 25400 post Union Budget outcome would lead to extension of pullback rally towards psychological mark of 26000 marks in coming weeks.  

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