Technical View: The Nifty 50 index closed on February 6, with a decline in the second consecutive session on 6 February, between the selling in all the sectors except IT and Pharma. On the other hand, investors appeared cautious before the results of the RBI policy yesterday. Amidst positive global signals, the index opened with an edge but all ended in the initial hours. As sales increased, the index reached close to 23,550. However, the last hour purchasing helped to eradicate intraday loss to some extent. At the end of the market, the Nifty closed at 23,603.35, declining 92.95 points or 0.39 percent.
In the sectoral indexes, all other sectoral indexes, except pharma, IT, private bank, closed in red mark in red mark, falling 1–2 percent in Auto, FMCG, realty, consumer durables. While metal, PSU bank, energy, media, oil and gas declined by 0.4-0.8 percent.
The Nifty Midcap index fell 1.2 percent and the smallcap index fell 0.3 percent.
Trent, Bharat Electronics, Bharti Airtel, Titan Company, NTPC Nifty were among the most fallen shares. While Cipla, Adani Ports, Infosys, Dr. Reddy’s Labs, Tata Consumer were among the most growing stocks.
Srikanth Chauhan’s opinion on the market for 7 February of Kotak Securities
Srikanth Chauhan of Kotak Securities said that today, the benchmark indexes saw intraday profits at a higher level. The Nifty closed down by 93 points and the Sensex fell 213 points. In sectors, select pharma stocks saw purchases at a lower level. While real estate and capital market indexes declined by more than 2 percent. Technically, after a slow start, the market faced continuous selling pressure at a higher level. On the daily chart, it has created a bearish candle near 50-day SMA (simple moving average). It is indicating more weakness from existing levels. However, the short -term structure of the market is still seen in the positive side.
The ups and downs in the market on the day of Nifty’s expiry, but the experts made bumper baiing in these 4 stocks
Chauhan said, we believe that if the Nifty/Sensex in the market is successful in doing trading above 23,500/77800, then it can bounce back to 23,750-23,800/78500-78600. On the other hand, Karoba, below 23,500/77800, will weaken the steps. Below this level, traders may prefer to get out of their long positions.
Aditya Gaggar of Progressive Shares on market for 7 February
Aditya Gaggar of Progressive Shares said, “On the daily chart, the Nifty has created a bearish candlestick pattern. However, it seems to be supporting at the level of 23,520 at the bottom. While Nifty to continue the rapid trends. Will have to do business above. “
At the same time, the bank Nifty closed up in the third consecutive session today with a slight increase. After the positive start, the index appeared in a realm before the results of the RBI Monetary Policy.
(Disclaimer: The ideas and investment advice on Moneycontrol.com have their own personal views and opinions. Moneycontrol advises users to consult certified experts before making any investment decisions.)
Bank Nifty, Nifty, Technicals, NSE, BSE, Nifty, Bank Nifty, Sensex, NSE, BSE