Nifty:21930.5/1.1/0.01p%;Candle:OGU,Long day red; Bank Nifty:45818.5/127.7/0.28% Candle:OGU,Doji ; HB:OGU,Short day red,1430
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long34%FutCash;-1691;Opt93%
OI data Nifty ( max pain W21900M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Grasim Industries, Life Insurance Corporation of India, Power Finance Corporation, Zomato, Biocon, Aarti Industries, Apollo Hospitals Enterprise, Aster DM Healthcare, Astrazeneca Pharma India, Balrampur Chini Mills, BEML, Escorts Kubota, India Shelter Finance Corporation, Patanjali Foods, Rail Vikas Nigam, Thermax, Torrent Power and Zydus Wellness will release December quarter earnings scorecard on February 8.
The NSE has added Balrampur Chini Mills, Delta Corp, and SAIL to the F&O ban list for February 8, while retaining Ashok Leyland, Hindustan Copper, India Cements, Indus Towers, National Aluminium Company, UPL and Zee Entertainment Enterprises to the said list.
Market wrap up(DWM,T,N,E):The market seems to be cautious ahead of RBI’s monetary policy scheduled on February 8 as the participants may be awaiting the commentary about the rate cut cycle and inflation and growth forecast. The Nifty50 made a healthy attempt on February 7 to close the big bearish gap (21,970 is the upper band of the gap) created on January 17 but failed due to selling pressure in late morning deals and remained rangebound in the rest of the session. Hence, unless the index gives a strong closing above 21,970, the sustained uptrend towards a record high of 22,126 is unlikely in coming sessions, while the 21,750-21,700 is expected to be immediate support for the index, experts said. On January 7, the BSE Sensex was down 34 points at 72,152, while the Nifty 50 gained 1.1 points at 21,930.5 and formed a bearish candlestick pattern on the daily charts with a lower shadow on the daily charts. “Technically, this action indicates choppy movement and the market is expecting RBI’s mid-quarter policy outcome to show a directional move,” Nagaraj Shetti, senior technical research analyst at HDFC Securities said. “There is a higher possibility of an upside breakout of the 21,950-22,000 mark in the short term. Immediate support is at 21,750,” For the past few days, the Nifty has been consolidating above the critical moving averages, indicating a positive trend in the short term. “A drop below 21,700 might trigger panic in the market. Conversely, a decisive move above 22,125 could spark a smart rally in the market,” The broader markets remained strong for yet another session, with the Nifty Midcap 100 and Smallcap 100 indices rising over 0.7 percent each.
