Daily Market Commentary - Feb 2, 2022 - Bonanza Portfolio

Mr Vishal Wagh, Research Head - Bonanza Portfolio

Markets continued positive momentum as nifty closes above 17,750. All the sectoral indices ended in the green with the bank, realty, pharma, FMCG, IT, and PSU Bank indices up 1-3 percent. BSE midcap and small-cap indices rose 1-1.5 percent. Both the Indices kept the momentum intact after the budget day with positive global cues as they closed at 17,780 & 59,558 respectively.

Nifty opened the gap up around 125 points and continued its momentum but faced a hurdle near 17,800. On the daily charts, the Index has given a decisive closing above 17,500 indicating that the uptrend can continue till 18,000 odd levels. Going ahead in short term, 17,945 will hold the key in this ongoing uptrend. The structure indicates that a base formation has happened and closing above 21 & 50 day EMA means that bulls are back in control. Any fall below 17,640 will again take the index back to 17,500 odd levels. A broad range for nifty still stands at 17,250 - 18,000.

Global markets added their gain as strong earnings numbers helped investors to digest geopolitical worries. Besides corporate numbers, investors are also awaiting the outcome of OPEC+meeting and Eurozone inflation numbers for January.

IndusInd Bank, Bajaj Finserv, HCL Technologies, Bajaj Finance, and HDFC Life were the top Nifty gainers, while losers included Tech Mahindra, Britannia Industries, Ultra-Tech Cement, Hero MotoCorp, and Nestle India.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex