Nifty bounces back
Indian benchmark indices erased previous session losses and ended higher with Nifty above 21,900 on February 6.At close, the Nifty was up 157.70 points or 0.72 percent at 21,929.40. About 1983 shares advanced, 1285 shares declined, and 58 shares unchanged.
A technical analysis of the daily chart revealed a flat opening for the Nifty, followed by a sustained upward movement, forming a hammer candlestick pattern with substantial volume. This pattern suggests a bullish momentum in the index. There is an anticipation that the Nifty could reach an all-time high in the next few sessions, especially as the earnings season progresses into the second week.
Currently, the 21,700 level serves as immediate support for the Nifty. On the upside, resistance levels are identified at 20,200 and 20,500. The overall chart pattern, coupled with positive market breadth and sectoral performance, indicates a favorable outlook for the Nifty, with the potential for further upward movement.
Top Nifty Gainers
Top Nifty gainers were BPCL, HDFC Life, HCL Technologies, TCS and Maruti Suzuki
Top Nifty Losers
Top Nifty losers were Power Grid Corporation, Britannia Industries, IndusInd Bank, ITC and Kotak Mahindra Bank.
Bank Nifty started on a gap-up,
Bank Nifty closed in the negative however, seems to be oversold. The positive crossover on the hourly time frame chart suggests that the bank nifty is poised for a pullback after the recent correction. On the upside, we expect the Bank Nifty to retrace till 46500 – 46800. Crucial support is placed at 45370
Top Bank Nifty Gainers
Top Bank Nifty gainers were SBI (State Bank of India),ICICI Bank,PNB (Punjab National Bank).
Top Bank Nifty losers
Top Bank Nifty losers were Bandhan Bank, Baroda Bank, Indusind Bank.
