On February 2, the budget rally continued in today’s business as well. The market saw a rise for the third consecutive day today and Nifty managed to close above 17700. There was a gap-up opening in the market today and it remained in a positive mood throughout the trading session. Sensex Nifty closed near the day’s high today on the back of IT, pharma realty and financial stocks.
At the end of trading, the Sensex closed at 59,558.33 with a gain of 695.76 points, or 1.18 per cent. On the other hand, Nifty closed at 17780 with a gain of 203.15 points or 1.16 per cent.
Vinod Nair of Geojit Financial Services Says that on the back of the support from the budget and good global cues, the domestic market continued to rise even today. Most of the sectors remained in the green today. In this too, the banking, financial sector contributed the most to the market’s boom. He further said that the boom in the global market and the good results of the companies have mitigated the effect of geopolitical tensions. Apart from the results of the companies, now investors are waiting for the outcome of OPEC’s meeting. Apart from this, the market is also keeping an eye on the inflation data of the Euro zone for January.
technical view
Motilal Oswal’s Chandan Tapadiya Says that Nifty will have to stay above 17777 to go into the zone of 17,900 and 18150. There is support for Nifty in the 17,650 and 17500 zones.
How can the market move on Thursday
Ajit Mishra of Religare Broking Says that the market is currently showing bullish momentum on the basis of the expectations related to the Union Budget. Apart from this, recovery in the global market and good results of companies are also filling positivity. Despite all this, we must not forget that Nifty is still trading in a range and the 18,000-18,300 level remains a hindrance. We believe that market participants should focus on sectors and themes that seem to be in sync with the index. He further said that the banking and financial sectors can be seen to perform comparatively better going forward.
Gainers & Losers: The market continued to rise for the third consecutive day, these stocks showed the most action
Rupak De of LKP Securities says that Nifty has to stay above 17775-17800 to move towards 18000 in the short term. On the downside, support is seen for Nifty at 17700. If Nifty slips below this, then consolidation can be seen in it in the near term.
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