Nifty:21853.8/156.35/0.72%;Candle:OGU,Doji; Bank Nifty:45970.95/217.7/0.47% Candle:OGU,Short day red ; HB:OGU,Short day red,1456,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long33%FutCash;70;Opt96%
OI data Nifty ( max pain W21900M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Bharti Airtel, Alembic Pharmaceuticals, Ashok Leyland, ASK Automotive, Sun Pharma Advanced Research Company, Bajaj Electricals, Barbeque-Nation Hospitality, Ideaforge Technology, Tata Chemicals, Triveni Turbine, Varun Beverages, and Vijaya Diagnostic Centre will be in focus ahead of quarterly earnings on February 5.
The NSE has added Hindustan Copper to the F&O ban list for February 5, while retaining India Cements, Indus Towers, SAIL, and Zee Entertainment Enterprises to the said list
Market wrap up(DWM,T,N,E):With the formation of Shooting Star as well as Double Top kind of patterns formation on the daily charts in an uptrend after hitting record high on February 2, the benchmark Nifty 50 is expected to be volatile in coming sessions, experts said. Both are bearish reversal patterns. Hence, according to experts, for further uptrend, the index has to give a strong closing above its new record high 22,134, otherwise till then, the volatility may sustain with support at 21,700, and 21,500 is expected to be key support. On February 2, the BSE Sensex rallied 440 points to close at 72,086, while the Nifty 50 surged more than 400 points intraday and hit a new record high, but lost 280 points from that high to settle with 156 points gains at 21,854. It was up 2.35 percent for the budget week. With Friday’s run, the previous crucial opening downside gap (bearish breakaway gap) of January 7 has been filled completely and that has nullified the bearish effect as per the gap theory. “Friday’s swing high could also be considered as a Double Top type formation after the confirmation,” Nagaraj Shetti, senior technical research analyst, HDFC Securities said. He feels the short-term uptrend status of Nifty remains intact, but the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22,100-22,200 levels and that could possibly result in short-term weakness from the highs. Immediate support is at 21,700 levels, According to Ajit Mishra, SVP – technical research at Religare Broking, too, the Nifty needs a decisive close above 22,150 to mark the next leg of the upmove towards 22,500+ else rangebound bias would continue. The broader markets also closed off day’s high with the Nifty Midcap 100 and Smallcap 100 indices gaining 0.4
