Daily Market Outlook – 2nd February, 2021

NIFTY:

The Nifty opened at 13758.60 with a big gap up of 124 points. Prices have initially gone down and recorded its intraday low at 13661.75 which was almost 100 points lower from the opening tick. However after the first 30 minutes of trading, prices started moving higher and never looked down. The index recorded its intraday high at 14336.35 with the help of a 650+ points rally. The index finally closed at 14281.20 with a gain of 646.60 points. Banks and Financials have led the bulls while Pharma sector has closed with a loss. Markets have welcomed the Union Budget 2021 as it was growth-oriented and it did not give any meaningful negative surprise to the market. The Nifty broke a six day losing streak to rise nearly 5% as traders and investors cheered Budget proposals made by Finance Minster. Except for Pharma all other sectoral indices have closed with gains. The SBI, Bajajfinsv, ICICI Bank and Indusind Bank have closed with a gain of more than 10%. The Nifty recovered from the losses that came in the last three trading days. The last few days were very volatile, and the intraday range was also very large. This is called a phase of expansion. After expansion comes contraction. We may see a process of consolidation ahead. Prices have resumed its uptrend and are now heading towards its lifetime high. Strong resistance is visible around 14600-14700 zones.

BANK NIFTY:

Bank Nifty opened at 30976.35 with a gap up of 364 points. The index recorded its intraday low at 30906.45 and traded sideways for the first one hour. Prices have begun a sharp upside move around 1:00 PM and continued for the rest of the day. The index finally closed at 33089.10 with a gain of 2657 points. PSU and Private Banks both have performed well and closed higher by 7.83% and 8.06% respectively. Within the index, in terms of points ICICI Bank contributed highest while IDFC First the lowest.

Bank Nifty ended with a gain of more than 8% due to the Union Budget. The government announced it was set an ARC to house stressed assets.

That apart, government would infuse Rs 20000 crore to Public Banks.

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