Daily Analysis of Stock Market – NIFTY – 03rd February 2020

Daily-Analysis-of-Nifty

On Monday the market opened lower and stayed highly volatile and settled in green. The market was highly volatile and traded in the fight ring of bulls and bears. On the closing bell, the Nifty index end above 11700, the Niftybank index settled above 30000 and the Sensex closed at 39872.31. The Nifty index gains around 50 points, Niftybank gains more than 200 points and the Sensex gains 137 points respectively.

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Today, the Nifty index opened at 11627.45 went up to 11750 and closed at 11708 after making a low of 11614.50. The Niftybank index opened at 29811.75 and stayed volatile between 30106 to 29612.55 and closed above 30000.

As per the last view, ‘if the Nifty index sustains below 12000 then it can fall further till 11900 to 11845 and if the Nifty index breaks above 12000 then it can go up to 12065 to 12160‘ and the index made low of 11614.50 after the union budget on Saturday.

For the next day trading, if the Nifty index stays above 11700 then it can go up to 11900 and if the index breaks below 11614 then it can fall towards 11500 in the coming days.

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Daily Analysis of Stock Market – NIFTY – 03rd February 2020 1

Today the index opened below 50 Smooth Moving Averages and Exponential Moving Average as can be seen in the above chart. The market was fallen sharply on the union budget day and broken its most of the important support and today the market was opened lower but pulled back by the bulls. Technically, the market is at the sale on rising criteria, we will see selling pressure on every rise in the coming days. On the daily chart, indicators are in the selling zone. The market’s sentiment is not so good as of now after the union budget of 2020.

NEWS HIGHLIGHTS

  • SEBI differs with stock exchanges, says communique misleading.
  • Investors lose over seven lakh crore in the budget week.
  • Fitch predicts India’s FY21 GDP growth at 5.6%.
  • Borosil Glass standalone December 2019 sales up 11.78% Y-Y.
  • Removal of exemption in the new tax regime to impact life insurer, MF.
  • L&T MBDA Missile System sets up a missile integration facility in Tamilnadu.
  • Mahindra and Mahindra Financial Services to raise Rs. 310crore via NCDs.
  • NTPC raises Asia’s largest Japanese yen loan worth $750 million.

Trading zone for the Nifty index on 04th February 2020

Upside Resistance:-  11765, 11825, 11960

Downside Support:-  11690, 11630, 11550.

Nifty 50

AdvancesDeclines
2821

In the Nifty 50, 28 stock traded in green whereas the 21 was declined and one was unchanged on 03rd February 2020.

Top 5 Nifty Gainer and Loser

Gainer%Loser%
ASIANPAINT6.34INFRATEL-6.11
NESTLEIND4.99YESBANK-4.62
HINDUNILVR4.82ITC-4.61
BRITANNIA4.47GAIL-2.59
BAJAJ-AUTO4.44TCS-2.53

The most active value-wise stocks were RELIANCE, SBIN, ITC, HDFC, ICICI BANK and the volume-wise were YES BANK, ITC, TATAMOTORS, SBIN, IOC.