Stock markets: The Indian Equity Index closed on a strong note on 4 February. The Nifty managed to close above 23700 today. At the end of the trading session, the Sensex rose by 1,397.07 points or 1.81 per cent to 78,583.81 and the Nifty increased by 378.20 points or 1.62 per cent to close at 23,739.25. Head Equity Research Srikanth Chauhan of Kotak Securities Says that today there was a strong jump in benchmark index. Almost all the important sectoral index closed with an edge. After the gap-up opening, the market successfully crossed the registration zone of 23,500/77800 and increased the rise after the breakout. Apart from this, a bullish candle on the daily chart and an uptrend contraction formation on the intraday chart is indicating further faster than the current levels.
Srikanth believes that the current market is rapid. In such a situation, “buy on intraday dips and sell on rallies” can prove to be the best strategy for day traders. Now for traders, support at 23,600/78100 and 23,500/77800 while registration is visible on 23,800/78700-23,850/78900.
Ajit Mishra of Railways Broking Says that the market continued to recover amid positive signals. Idex today rose by about 1.5 percent. Strong start due to bounce in global markets caught faster. The renewed purchases in select heavyweight stocks maintained an atmosphere of enthusiasm throughout the trading session. The bounce in the index indicates that Bulls have made strong efforts to get back its lost land. The decisive break over the important registration located on 200 DEMA i.e. 23,620 in Nifty has further strengthened its status. The next target range for Nifty will now be 23,900-24,200. Banking and financial shares have played an important role in this recovery. In such a situation, the market will bring further strength in the banking index above the level of 50,200. Given the existing market conditions, focus on comparatively strong selective stocks. Priority to large-caps and large mid-cap stocks.
LKP Securities Senior Technical Analyst Metapors Day Says that the Falling Wage Pattern in the Nifty has accelerated. This is a sign of the possibility of good boom in the short term. In addition, the index is above the important level of 21ma on the daily time frame. The RSI is in a bullish crossover and is growing after creating a base on the daily time frame. This is also a good sign. The index in the short term may move up to 24,050 and above. While support is seen on 23,500 and 23,250 for this.
Dollar Vs Rupee: Rupee shut down by 12 paise to 87.07, USDINR spot price expected to be within Rs 86.90- 87.40 rupees
Geojit Financial Services Research Head Vinod Nair It is said that yesterday the Indian market was not able to benefit from the good Union Budget due to the geopolitical risks arising from the tariff war of Trump. India can perform better in the weak global market. Today, due to improvement in global spirit, there was also a sharp jump in domestic equity. The market trend is positive. Large-cap stocks look better at this time. In the RBI policy meeting to be held this week, banking stocks are gaining momentum in the hope of cutting interest rates from the new governor.
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