Nifty Prediction For Today - 03 February 2025

Sachin Gupta Sachin Gupta

Last Updated: 3rd February 2025 - 10:21 am

2 min read
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Nifty Prediction for Today - 03 February 2025

On a volatile budget day, Nifty witnessed an intraday swing of ~300pts. It recovered from the lows and closed only marginally lower. The budget had positive news for consumption related themes at the expense of construction/capital goods stocks.

Concomitantly, stocks associated with consumer spending were up sharply. TRENT, ITCHOTELS, MARUTI, TATACONSUM, EICHERMOT were the top performers. On the other hand, BEL, POWERGRID, LT, GRASIM were the bottom performers. 

Strong buying towards the end of trading session saw the NIFTY recover from its intraday low. The price action further confirms the strength of positive momentum. The index had broken the medium-term declining trend channel. Also, RSI has improved and remains below overbought levels. Overall, a positive outlook for the near term. Near term support and resistance levels are 23159/23283 and 23682/23805.

"Budget Day: Consumption Up; Construction Down"

nifty-chart

 

Bank Nifty Prediction for Today - 03 February 2025

Bank Nifty saw a muted performance. It recovered from intraday low and closed only marginally lower (-0.16%). INDUSINDBK and AXISBANK fueled gains, but losses in IDFCFIRSTB and PNB capped overall upside. BANKNIFTY has built a double bottom, which should continue to offer support until 50000 levels.

Like NIFTY, BANKNIFTY had also broken through the falling price trend channel. Near term support and resistance levels are 48680/48996 and 50018/50334.

bank nifty chart

 

 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 23283 76885 48996 22919
Support 2 23159 76501 48680 22763
Resistance 1 23682 78127 50018 50018
Resistance 2 23805 78511 50334 23578

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