The budget rally continues in the market even today, due to which the market has started with an increase today. Nifty opened above 17700. There is good buying in banking stocks, due to which Nifty Bank is seeing the strength of 500 points. Bank Nifty is trading at a high of about 2 months. Buying is being seen in all 12 stocks of Bank Nifty.
All sectoral indices are trading in green in today’s trading. Auto and bank indices are showing gains of around 1 per cent. At the same time, pharma and realty indices have also jumped up to one percent. Good buying is also being seen in FMCG, ENERGY and IT stocks. Along with the big stocks, small-medium stocks are also seeing gains. The BSE Midcap index is trading at a level of 25,126.52 with a gain of 1.00 percent. At the same time, the smallcap index is seen at the level of 29,908.15 with a strength of 1.40 percent.
At present, around 09:48, the Sensex is trading at the level of 59,369.25 with a gain of 506.68 points or 0.86%. Nifty is trading at a level of 17,725.85 with a gain of 0.85% with the strength of 149.00 points.
Let us tell you that on February 1, the market saw a rise for the second consecutive day. Finance Minister Nirmala Sitharaman presented a growth-oriented budget by increasing capital expenditure to boost the economy. Apart from this, the market was also supported by positive global cues. Sensex closed at 58,862.57 with a gain of 848.40 points or 1.46 per cent yesterday. At the same time, Nifty closed at the level of 17,576.80 with a gain of 237 points or 1.37 percent. Nifty formed a small bullish candle on the daily chart yesterday.
Short covering rally of 18300-18600 possible in Nifty, keep an eye on these stocks for double digit earnings in short term
Malay Thakkar of GEPL Capital says that Nifty closed above 50-day SMA (17,430) yesterday. It formed a bullish candle with a long lower shadow which is a signal that buying at lower levels is on the way. Nifty has shown good bounce from the lower levels. On the upside, Nifty may face resistance in the zone of 17,600-17,640. Malay Thakkar is of the opinion that traders should take long positions only when Nifty is seen moving up after breaking the level of 17,640. If this happens then we can get to see the level of 17,770 and then 17,900 in Nifty.
Today’s Intraday Calls which can make huge profits
Intraday call from Sumeet Bagdia of Choice Broking
Cholamandalam Investment and Finance Company or CHOLAFIN: Buy current level, target Rs 675-680, stop loss Rs 635
HCL Technologies: Buy current level, target Rs 1175-1200, stop loss Rs 1090
Intraday Call by Anuj Gupta of IIFL Securities
IRCTC: Buy current level, target Rs 930, stop loss Rs 810
Vodafone Idea: Buy current level, target Rs 13, stop loss Rs 8
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