On February 2, the market saw robust gains following a muted reaction to the Interim Budget in the previous session. Nifty reached a new high of 22,126.80, and the Sensex surged by over 1,400 points. Propelled by positive global cues, the market opened higher and continued its upward trajectory throughout the day. However, profit-booking at elevated levels led to a partial retracement of the gains. Among sectors, the oil & gas index recorded a 4% increase, while the information technology, metal, realty, and power indices witnessed gains of up to 2% each. Conversely, the banking index experienced a 0.5% decline.
NIFTY: The index opened 115 points higher at 21,812 and made a high of 22,126 before closing at 21,853. Nifty has formed a small small-bodied bullish candlestick with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 21,910 while immediate support is at 21,730.
BANK NIFTY: The index opened 380 points higher at 46,568 and closed at 45,970. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 46,350 while support is at 45,660.
Stocks in Spotlight
▪ TVS Motors: Stock gained 2.25% after the company reported 23% on-year increase in vehicle sales in January.
▪ PB Fintech: Stock fell 1.62% after foreign investor Claymore Investments sold its entire 2.44 crore equity shares in the company.
▪ Adani Ports: Stock surged 3% a day after the company’s Q3 earnings beat estimates.
▪ Gold prices slipped on Friday as U.S. non-farm payrolls data gained more than expected, raising questions as to when the Federal Reserve will be able to lower interest rates.
▪ Oil prices dipped slightly on Friday despite the OPEC+ group’s decision to leave its production policy unchanged, keeping benchmarks on track for weekly losses on China economic growth fears and efforts to establish a ceasefire in the Middle East.
▪ The dollar rose against a basket of currencies on Friday after data showed that U.S. employers added 353,000 jobs in January, beating the 180,000 jobs economists had expected.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.