Market Outlook for 07 February 2024

Ruchit Jain Ruchit Jain

Last Updated: 7th February 2024 - 11:43 am

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 article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 25th November 2024

by Sachin Gupta 22nd Nov 2024

Market Outlook for 22nd November 2024

by Sachin Gupta 22nd Nov 2024

Market Outlook for 21st November 2024

by Sachin Gupta 21st Nov 2024

Market Outlook for 19th November 2024

by Sachin Gupta 19th Nov 2024

Market Outlook for 18th November 2024

by Sachin Gupta 14th Nov 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?