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 17,576.80 with a gain of 237 points or 1.37 per cent. Nifty formed a small bullish candle on the daily chart yesterday.
Malay Thakkar of GEPL Capital Says 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.
In yesterday’s trade, along with the giants, there was a rise in the small-medium stocks. The Nifty midcap 100 index closed with a gain of 1.12 per cent. At the same time, the smallcap 100 index closed with a gain of 0.57 percent.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17,340.13 and after that the second support is located at 17,103.47. If the index moves upwards, then it may face resistance at 17,717.94 then 17,859.07.
The first support for Nifty Bank is located at 37,863.17 and after that the second support is located at 37,220.84. If the index turns upwards, then it may face resistance at 38,975.27 then 39,445.03.
Budget rally may continue even today
Budget rally may continue in the market even today. SGX NIFTY is trading up around 125 points. Despite being an election year, the market is happy because there is no populist announcement. Capital expenditure, fiscal deficit target have also added enthusiasm. PM will discuss the budget with BJP workers at 11 am.
Corporates welcomed the budget
Corporates have welcomed the budget and said that this time the budget is going to increase growth. The market stalwarts also gave THUMPS UP to the budget. Market veterans said that the budget will have a better future.
Crude oil softens, OPEC+ meeting today
Crude oil has softened from the high of 7 years before the OPEC+ meeting today. Brent’s price has come down to $90. Oil producing countries may decide to gradually increase the supply.
TECH MAHINDRA dollar revenue up 4%
TECH MAHINDRA presents third quarter results around estimates. DOLLER REVENUE has increased by 4.1% and profits have increased by 2%. However, there has been slight pressure on margins. At the same time, profit of ADANI Port has decreased by 6% and margin has also decreased.
HDFC and TATA CONSUMER RESULTS TODAY
Two Nifty companies HDFC and TATA CONSUMER will present quarterly results. HDFC’s profit and earnings are expected to increase by about 3%. At the same time, the results of 6 futures companies including JUBILANT FOODWORKS, ZEE ENTERTAINMENT and DABUR will also be awaited today.
strategy on nifty
Talking about the investment strategy on Nifty, Virendra Kumar of CNBC-Awaaz said that its resistance zone is 17661-17710 and the larger resistance zone is 17743-17810. At the same time, the base zone is 17524-17466 and the larger base zone is 17411-17351. The market is slowly returning to strength, FIIs selling is coming to an end, F&O numbers are also good. Buy and buy in the fall too, the game has changed since 17565. It was clearly told to go to Long yesterday. Be long, buy every drop above the first base. Heavy put writing has been seen at 17500. 17800 is the zone of call writers. Take some profit booking at 17800, if you stay above 17810, you will get more upside.
strategy on nifty bank
Virendra Kumar of CNBC-Awaaz said that its resistance zone is 38730-38878 and the larger resistance zone is 39040-39213. At the same time, the base zone is 38176-38040 and the larger base zone is 37918-37710. Heavy put writing has been seen at 38000. Rising 10 DEMA at 37918 is a very strong base. There is also a bigger base, Rising 20 DEMA zone at 37800-710. Buy and buy every fall, don’t short before the second base is broken. 38700-600 is a difficult zone, if it turns out, 39000 is also possible. Above 39213 all the blockages will be over.
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