Market Outlook: The Indian stock market saw weakness on the first day of the business week. On 3 February, the Nifty closed down around 23,350. The Sensex saw a decline of about 300 points. The biggest decline in Nifty was in the stock of L&T, ONGC, India Electronics, Hero MotoCorp and Coal India. While the biggest lead was seen in the shares of Bajaj Finance, M&M, Wipro, Shriram Finance, Maruti Suzuki. The BSE midcap index fell 1.2 percent and the smallcap index fell nearly percent. Except for consumer durables and IT, all other indexes closed down with a decline. Capital Goods Index below 4 percent, metal, oil and gas, electricity, PSU index below 2-3 percent.
At the time of market closure, the Sensex fell 319.22 points or 0.41 percent to close at 77,186.74. The Nifty fell at 121.10 points or 0.52 percent to close at 23,361.05. Today, nearly 1102 shares increased and 2742 shares fell while there was no change in 163 shares.
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How can the Nifty move on Tuesday 4 February
Mirae Asset Sharekhan’s Jatin Gedia’s view on the market for Tuesday
Jatin Gedia said that the Nifty started with a decline and then the consolidate closed 121 points down during the day. The Nifty on the Daily Chart is in the process of withdrawing the rapidly viewed rally from 22786 – 22632. In this, important support zone is seen on 23250 – 23209. It is matching with 20-Day average and 50% Fibonacci retracement level. He said, we hope that the index will maintain this support zone. It will resume its lead up to 23820 – 24000 from a short -term perspective. In this, the immediate resistance is visible at 23560 – 23630.
Progressive shares director Aditya Gaggar’s view on the market for Tuesday
Director of Progressive Shares Aditya Gaggar said that the Indian stock market faced some problems today due to tariff-related trade war. After a slow start, the market recovered but finally closed at 23,361.05 with a decline of 121.10 points. NBFC, IT and some auto stocks performed well. While the energy sector suffered a major setback. The metal sector declined by more than 1.5%. This made it one of the weakest performance sectors. Inequality was observed in the broad market, where the midcap saw notable recovery. While the smallcaps closed at the lower levels. The market got a support of 21DMA i.e. 23,280 on positive stance. This shows that there is still a possibility of rebound of Nifty. If the recovery continues, the market can reach around 23,550.
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Mehta Equality’s Prashant Tapse’s view on the market for Tuesday
Prashant Tapse of Mehta Equality said that the global equity markets showed a recession after Trump’s announcement of tariffs on China, Mexico and Canada. It had a negative impact on the Indian benchmark. Which caused disappointment among investors. The strong recession wave started selling in FMCG and automobile stocks related to mid and small-cap stocks and consumption. Nervous selling in the decline caused by tariff war may begin. Apart from this, a sharp decline in the rupee has also increased. Therefore, there is no possibility of overturning the sale trend by foreign investors.
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