Market Outlook for 07 February 2024

_Market Outlook for 07 February
Market Outlook for 07 February 2024

by Ruchit Jain Last Updated: Feb 07, 2024 - 11:43 am 667 Views
Listen icon

Our markets have consolidated in a range in last couple of trading sessions, wherein the index corrected in Monday’s session and recovered those losses the next day. Tuesday’s up move was mainly led by the IT sector which led to an up move in the benchmark as well. Nifty ended the day above 21900 with gains of about three-fourth of a percent.

Nifty Today:

Nifty has recently formed a trend reversal pattern on the daily chart. However, the index has then consolidated in range and is yet to show any confirmation on a directional move. A ‘Double Top’ pattern which coincided with a ‘Shooting Star’ reversal pattern has made 21127 the immediate hurdle for the index and that needs to be surpassed to negate the pattern, a continuation of the trend. On the flipside, the 20 DEMA around 21640 is a crucial support for the index which if broken, then it could lead to a corrective phase in the index. As of now, one should wait for a breakout beyond the above mentioned levels to forecast a directional move in the index. Till then, one can look to trade with a stock specific approach. RBI Policy outcome which is scheduled on Thursday could be a trigger for a short term directional move and hence, traders are advised to keep a close watch on the same.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21790 45500 20270
Support 2 21650 45300 20180
Resistance 1 22100 45900 20430
Resistance 2 22250 46120 20500

How do you rate this blog?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

oda_gif_reasons_colorful

About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Vodafone Idea FPO Allotment Status

About the Vodafone Idea FPO The stock of Vodafone Idea Ltd has a face value of ₹10 per share and the price band for the book building FPO (follow-on public offer) has been set in the range of ₹10 to ₹11 per share. The FPO of Vodafone Idea Ltd will entirely be a fresh issue of shares with no offer for sale (OFS) component. The fresh issue tends to bring in fresh funds into the company, but is also EPS and equity dilutive.

Market Outlook for 23 April 2024

Nifty started the week on a positive note above 22300 mark. The index consolidated within a range throughout the day and ended around its day’s high above 22350 with gains of a percent. Nifty Today:

Market Outlook for 22 April 2024

Our markets corrected sharply in the week gone by mainly due to uncertainty over global geopolitical tensions and selling by the FIIs which resulted in the index breaking the 22000 mark. However, we witnessed recovery from the low of 21780 in the last trading session and Nifty ended around 22150 with a weekly loss of over one and a half percent.