Market Analysis Today

Market Update today

Feb 05 2024

Morning Action – Monday, February 5th 2024**

Last week, the Dow and S&P 500 gained 1.43% and 1.38%, respectively, to end at all-time highs. 

Gift Nifty is indicating a slow and unsteady start.

The confused start is despite a solid higher close at Wall Street in Friday’s trade on the back of well-received earnings from Meta stock which soared 20%. gained 7.9% thanks to its top-and bottom-line beats.

Profit booking and long unwinding could be the order of the day…


GIFT Nifty (-35, 21915)
Dow Future (-73, 38581)

Nikkei (+145, 36281)
Hang Seng (-197, 15337)

Dow Jones (+135, 38654)
Nasdaq (+267, 15629)
Bovespa (-1299, 127182).


# US labor market on fire …


#  Global: Neutral
#  FII: Positive (+71 Cr) 
#  DII: Positive (+2463 Cr)
#  Market Breadth: Positive
#  Sentiment: Bullish
#  Technicals: Rebound Play
#  F&O: 21300 – 22500 zone.

#  INDIA VIX 14.69 (+1.59%)
#  Nifty PCR (08th FEB) 0.85
#  Nifty PCR (29th FEB) 1.19
#  BANKNIFTY PCR (29th FEB) 0.92
#  Nifty Outlook: Nifty is likely to consolidate. 


NIFTY (CMP 21854):
#  SUPPORT: 21547/21137
#  RESISTANCE: 22127/22750
#  RANGE: 21750-22000
#  BIAS: Positive.

#  SUPPORT: 45397/44489
#  RESISTANCE: 46551/47251
#  RANGE: 45600-46600
#  BIAS: Neutral.

Nifty: In Friday’s trade, Nifty staged massive bullish consolidation as traders were seen digesting interim budget. 

Nifty however could not take into its stride strong morning gains as profit booking did set in and technically Nifty did end with a ‘Shooting Star’ bearish pattern. From here on, Nifty’s 22126.80 mark will act as strong hurdles as Nifty formed a ‘Double Top’ pattern on the daily charts.

The positive takeaway however was that the benchmark Nifty scaled a fresh all-time-high at 22126.80 mark.

Technically speaking, Nifty’s technical picture continues  to be neutral/positive amidst improving technical conditions on the daily charts with biggest intraday support now seen at 21547  mark and then next supports are placed at the 21137 mark. 

Nifty’s 200 DMA at 19673 mark.

Bank Nifty: In Friday’s trade, Bank Nifty witnessed massive profit booking after a higher open and the negative takeaway was that the Bank Nifty ended way below the dotted lines and was seen severely underperforming the benchmark Nifty.  

Bank Nifty ended 0.47% lower as against Nifty’s gains of  0.72%.

Nifty PSU Bank index ended 2.22% higher while Nifty Private Bank index ended 0.72% lower. 

Bank Nifty’s fresh new all-time-high continues to be at 48636.45 mark.

Intraday support for Bank Nifty now seen at 45667/44489 and then at 43230 mark on closing basis. 

In today’s trade, Bank Nifty is likely face resistance at 46551 mark and then hurdles are placed at 46901/47251. Bank Nifty’s 200-DMA is placed at 44810 mark.

Stock to Watch ( Stock For Intraday / Day Trading )

🔸 Dhanuka Agritech  
The company has signed Letter of Intent to set up JV with Spain based cutting-edge biotech Kimitec 
🔸 TVS Motors 
The company showcased a suite of its made in India, made for the world mobility solutions to the Hon’ble Prime Minister of India at the Bharat Mobility Global Expo 2024 
🔸 H.G. Infra Engineering Limited 
The company has received the letter of acceptance from Central Railway for the Construction of new BG line between Dhule to Nardana (approx 49.45 Km) of Central Railway and the project cost is Rs. 716.11 Crores 
🔸 India Glycols 
The Board of Directors of the Company in its meeting has inter-alia considered and approved the enhancement of grain based distillery capacity and Bio-Fuel Ethanol capacity at Gorakhpur  and Kashipur plants  
🔸 Wardwizard Innovations & Mobility Limited 
The company previews the future of mobility at Bharat Mobility Global Expo 2024. It also unveiled the concepts of its first Hydrogen-Powered electric two-wheeler and high speed electric scooter 

Stcok in Action ( Stock to Buy today) 

🔸 Atul Ltd 
The Company has completed 4800 tpa increase in capacity of DCDPS situated at Atul site. 
🔸 Aurobindo Pharma 
The company announced the completion US FDA inspection at Unit III of Eugia pharma specialities limited, a wholly owned subsidiary of the company with 9 observations 
🔸 Eicher Motors  
The company forays into Small Commercial Vehicles Segment 
🔸 Jubilant Pharmova  
The company announced the completion of USFDA audit of solid dosage manufacturing facility at Roorkee, the company has received 4 observations 
🔸 Wheels India Ltd 
The Company has incorporated a wholly owned subsidiary in the name of ‘WIL USA Inc’ in the state of Delaware, USA. The proposed investment not exceeding $100,000 
Stcoks in News

🔸 Amber Enterprises 
ILJIN Electronics (India) Private Limited, the material subsidiary of the company of 60% stake in the equity share capital of Ascent Circuits Private Limited. 
🔸 PNC Infratech Limited 
The company is in receipt of Rs. 42.2 crores towards an arbitration award published in its` favour in a matter of arbitration between PNC Infratech Limited and Haryana State Roads & Bridges Development Corporation Limited 
🔸 Nazara Technologies 
Nodwin Gaming Private Limited, a material subsidiary of the Company forgoes it’s right to exercise control in Brandscale Innovations Pvt Ltd

Result Today 


Securities in Ban For Trade Date 05-FEB-2024:  

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