Subscribe to enjoy similar stories. On 3 Feruary, the market closed in the red amid weak global cues and concerns over low capex allocation in the Union Budget 2025-26, triggering a sharp sell-off in capex-related stocks. The Nifty declined 121.10 points to close at 23,361 (-0.52%), while the Bank Nifty dropped 296 points to settle at 49,210 (-0.60%).
Major sell-offs were observed in PSE (-3.2%), ENERGY (-3%), and OIL & GAS (-2.22%). All sectors closed in the red, except IT INDEX (+0.68%), HEALTH CARE (+0.19%), AUTO (+0.09%), SERVICE SECTOR (+0.02%). The top performers among the Nifty 50 stocks were BAJAJ FINANCE (+5.3%), MAHINDRA & MAHINDRA(+3.1%), WIPRO (+2.9%).
On the other hand, the top losers in the market were L&T (-4.6%), ONGC (-3.3%), and TATA CONSUMER (-3.1%). On the daily chart, the Nifty closed near the 20 EMA, with selling pressure emerging from the 23,600-23,650 levels. The trend remains weak as long as the Nifty stays below 23,660.
On the hourly chart, the market is trading below AVWAP (23,739), which was calculated from the 5 December high and may act as resistance. Meanwhile, the AVWAP from the 27 January low is at 23,307, which can act as support. In short, the Nifty is likely to trade within the 23,300-23,700 range until a breakout occurs on either side.
Buy CHOLAFIN at ₹1,337 | Target ₹1,450-1,480 | Stop loss ₹1,273 On the hourly chart, the stock has broken out of a rectangle pattern, signalling a bullish move. It is also trading above the 60 level, indicating strong momentum post-breakout. This suggests potential continuation of the upward trend if key support levels hold.
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