Stock market: The Indian Equity Index closed on 5 February on a negative note. The Nifty has closed below 23,700 today. At the end of the trading session, the Sensex closed at 78,271.28 below 312.53 points or 0.40 per cent and the Nifty closed at 42.95 points or 0.18 per cent at 23,696.30. LKP Securities Senior Technical Analyst Metapors Day Says that in today’s business session, the Nifty was most of the time sideways. Closed slightly down at the end of the business session. The decline at the lower end was limited around 23,700 while upwards were limited at around 23,800. However, the trend in the short term remains in favor of the bulls as the Nifty remains above the important moving average. It supports the trend of fast. The Nifty at the upper end may continue to move towards 24,050 in the near period. Meanwhile, there will be support at 23,500 for this where maximum put writing is visible.
Ajit Mishra of Railways Broking Says that further Nifty may continue to be concerted after its recent bounce. But as long as there is no decisive captive below the level of 23,400, the trend will remain positive. With all major sectors contributing to the rally on the rotational basis, traders should focus on stock selections and prefer to gather fundamentally strong stocks (acuyumulate) fundamentally strong stocks during the fall.
Srikanth Chauhan of Kotak Securities It is said that the benchmark index was seen moving in a limited range today. The Nifty closed down 43 points, while the Sensex closed 313 points. Technically, after a positive start, the market recorded the pressure of intraday selling at high levels. However, the market’s short -term texture is still on the positive side. A small candle formation and dull intraday activity on the daily chart is indicating the direction inferiority in the near future.
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