Indian markets experienced a sharp fall on January F&O expiry day. There is no trigger, but the market is looking nervous ahead of the Union budget. The market is following last year's pattern because, in 2022, the Nifty saw a doji candle (which indicates a range-bound move) in the second and third weeks of January, followed by a sharp fall in the final week of January.
However, that sell-off was a buying opportunity because then we saw a sharp post-budget rally. So, as per the template, we can expect a post-budget rally in the market.
Technically, Nifty is near the critical support level of 17,800, and if it falls below this, then 17,625 and 17,425 are the next support levels. On the upside, 18,200 is a critical hurdle; above this, we can expect a rally toward 18,500 and 18,650 levels.
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