Technical View: Amidst mixed global signals, the index opened with a positive attitude. In the first half, he traded in a realm with positive trends. However, after that the selling in the market increased due to which it failed to maintain the initial lead. The Nifty closed at 23,696.30 with a decline of 42.95 points or 0.18 percent. The most fallen shares on the Nifty include Asian Paints, Titan Company, Nestle India, HUL and Britannia Industries shares. Whereas the highest growing stocks included shares of Hindalco Industries, ONGC, Apollo Hospitals, BPCL and Adani Ports. In the sectoral index, FMCG, consumer durables, all other indexes closed into green mark except realty and auto. Oil and gas, metal, media, energy and PSU banks increased by 1–1.8 percent.
The Nifty Midcap index increased by 0.7 percent and the Nifty Smallcap index by about 2 percent. Along with this, the broader index performed better than the benchmark indexes.
How can Nifty’s move be on Thursday 6 February
Srikanth Chauhan of Kotak Securities Said, “After technically good start, the market recorded the pressure of intrade selling at a high level. Although the market’s short -term structure is still on the positive side. It created a small bearish candle formation on the daily chart. Activity is indicating the continuation of non-directional Momentum in the near future. “
He further said “The current market structure is non-directional. So there will be an ideal strategy for level-based trading day traders. There will be 23600/78000 and 23500/77700 major support zones for Nifty/Sensex when it falls. . While 23800-23900/78700-78900 traders can work as an important resistance zone. However, traders in Nifty/Sensex may prefer to get out of their long positions below 23500/77700.
How can Bank Nifty move on Thursday 6 February
After a strong start, the bank went above 50,500, showing the Nifty lead. It saw some profits. But despite this, the index rose 0.37 percent to close at 50,343.05.
Anshul Jain of Lakshmishree Investments Said, “Bank Nifty closed with a consolidated candle. The index is keeping a fast trend despite the clear nervousness before the Delhi Exit Poll. The price action and the volume showed the precaution among the traders. He further said that he further said that The index will have to stay above 50,400 to continue the momentum. If it maintains this level, it is possible to move to 50,800-51,000 of the index.
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