Indian markets closed lower amid pre-Budget caution, with Nifty fifty, Sensex, and BankNifty all ending in the red and overall sentiment staying muted.

Traders stayed on the sidelines ahead of the Union Budget, leading to profit booking in recent outperformers and selective buying in defensives and quality large caps.

The Indian rupee hit a fresh intraday record low near ninety two against the US dollar before recovering slightly, raising concerns about imported inflation and FII outflows.

Consumer and defensive names outperformed, with stocks like Nestle India, Tata Consumer, Apollo Hospitals, ITC, Vodafone Idea, and Blue Star among the key gainers.

Metals, select banks, and a few mid and small caps saw sharp selling, with steep declines in names like Tata Steel, South Indian Bank, Max Healthcare, Hindustan Copper, and some PSU-linked counters.

Nifty fifty hovered in a range with important support zones highlighted around the twenty five thousand to twenty five thousand one hundred fifty region and resistance near twenty five thousand four hundred to twenty five thousand six hundred.

BankNifty faced selling pressure but held key supports around the high fifty nine thousand levels, with resistance seen close to the sixty thousand to sixty thousand two hundred band.

Sector-wise, IT and banking underperformed, while pharma and FMCG showed relative strength as investors gravitated toward defensives ahead of key policy announcements.

Recent regulatory and macro signals, including governance-focused measures and growth projections in the Economic Survey, kept focus on market transparency, long-term GDP outlook, and fiscal discipline.

In commodities, domestic gold and silver prices eased from recent highs, while crude oil stayed firm on geopolitical tensions and supply concerns, adding to the macro headwinds for India.

Global geopolitical tensions and risk-off sentiment, including worries around Middle East developments and trade-related uncertainty, influenced risk appetite and supported the stronger dollar.

The technical outlook suggests a consolidation phase for both Nifty fifty and BankNifty ahead of the Budget, with elevated volatility expected around key support and resistance levels.

The podcast highlights a tactical approach for traders: use dips toward strong supports to accumulate quality names, stay cautious in weaker sectors like IT, and watch for Budget-driven catalysts in financials and cyclicals.

Listeners are encouraged to stay disciplined amid volatility, track upcoming policy announcements closely, and tune in regularly for fresh technical levels and actionable trading insights.