The Nifty ended with gains while Nifty Bank closed with a minor loss

NIFTY:

NIFTY opened at 21825.20 with a gap up of 54 points. The index could not sustain at the higher levels and saw a sharp dip for the first five minutes of trading. Prices have filled the gap, found support there, and bounced up sharply after recording its intraday low at 21737.55. The rally fizzled out quickly and the index saw another dip but soon recovered. The index started moving higher from the afternoon session and kept on moving higher till the end. Prices have recorded its intraday high at 21951.40 and finally closed at 21929.40 with a gain of 157.70 points or 0.72% up. IT and OIL GAS outperformed, saw a sharp upside rally, and ended with a gain of over 2.50% followed by AUTO, METAL, and PHARMA BANK and FMCG underperformed and ended with a minor loss. The short-term trend is up now. Support is now visible around 21700 while resistance may emerge around 22100 which is very near the lifetime highs. We should look for buying only on any dip or intraday consolidation breakout.

BANK NIFTY:

BANK NIFTY opened at 45891.20 with a gap up of 135 points. The index could not sustain at the higher levels and initially saw a sharp dip which filled the gap and brought prices into a negative territory. A minor rally came that fizzled out quickly and the index again moved down. Prices have recorded its intraday high at 45932.15 and its intraday low at 45527 within the first one and a half hours of trading. The index moved very narrowly and sideways towards the end and finally closed at 45660 with a loss of 96 points. PSU and PVT BANKs both indices have performed almost the same, saw a mild downside move, and finally ended with a loss of 0.39% & 0.49% respectively. Within the index, in terms of points, SBIN contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is sideways. We have been tracking support around 44500 while resistance around 46500. The index remained within the range for almost the last three weeks. The index recorded a pattern of NR7 for the past two days indicating a sharp move is about to come. We should take a trade in the direction of a breakout.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark equity indices ended higher today with shares of information technology companies contributing the most to the gains. The Nifty 50 added 167.45 points or 0.77% to close at 21,939.15 and the Sensex gained 487.62 points or 0.68% to close at 72,219.04. Intraday, the Nifty 50 gained as much as 0.83% and the Sensex gained as much as 0.7%.

• Tata Group’s combined market capitalisation crossed Rs 30 lakh crore on February 6, making it the first Indian business house ever to hit the milestone. The surge in shareholder wealth has been driven by buying interest seen in Tata Consultancy Services, Tata Motors Tata Power and Indian Hotels shares this year.

• Britannia Industries Ltd on February 6 is likely to report a 2 percent year-on-year jump in consolidated net profit for the quarter ended December 2023. The net profit is seen at Rs 566 crore, as per a poll of six brokerages, as against Rs 556.8 crore in the year-ago period.

• FSN E-Commerce Ventures, which operates beauty and personal care (BPC) company Nykaa, reported a net profit of Rs 17.5 crore in the December quarter, up 105 percent from the year-ago period, driven by strong demand during the festival and wedding seasons.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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