Pre-Budget - Technical Outlook on Nifty and Sectoral Outlook

Quick Summary

Ahead of Union Budget 2026, Nifty’s 1,500-point slide has brought it within ~2% of its long-term support at the 20-month average, a level that has held through every major correction since 2020. Volatility is rising, and FII positioning remains light at just 11% long, conditions that can amplify any Budget-driven trigger. Our detailed analysis maps out where Bank Nifty, IT, Metals, FMCG, Auto, Realty, Midcaps, and Smallcaps are headed, highlighting precise support and resistance zones and the sectors showing resilience versus those still under pressure. Historically, markets tend to stabilise after the initial post-Budget shake-off, making the coming sessions critical, and fully covered in the report.
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