Good Morning All,
The market is expected to open in the green on February 3 as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 65 points.
In the previous session, the BSE Sensex settled 224 points higher at 59,932, while the Nifty50 oscillated within the previous day’s range and closed 6 points lower at 17,610, forming bullish candle on the daily charts with upper & lower wicks as the closing was higher than opening levels.
As per the pivot charts, we have the key support level for the Nifty at 17,491, followed by 17,442, and 17,362. If the index moves up, the key resistance levels to watch out for are 17,650, followed by 17,699 and 17,778.
Key support and resistance levels on the Nifty Bank
The Nifty Bank has outperformed Nifty50, rising 156 points to 40,669 and formed a bullish candle on the daily charts with small upper and lower shadows. Overall, the index traded within the previous day's trading range.
The important pivot level, which will act as crucial support for the index, is placed at 40,016, followed by 39,780, and 39,400. On the upside, key resistance levels are placed at 40,777, followed by 41,012, and 41,392.
US Markets
The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs as a more dovish-than-expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls.
The Dow Jones Industrial Average fell 39.02 points, or 0.11%, to 34,053.94, the S&P 500 gained 60.55 points, or 1.47%, to 4,179.76 and the Nasdaq Composite added 384.50 points, or 3.25%, to 12,200.82.
Asian Markets
Stocks in the Asia-Pacific were mixed on Friday after Wall Street’s rally driven by technology stocks. Meta surged 23%, marking its best day since 2013 after seeing a better-than-expected earnings report.
The Nikkei 225 in Japan rose 0.64% and the Topix fell 0.41%. In South Korea, the Kospi fell 0.14%. In Australia, the S&P/ASX 200 rose 0.38% as investors digest new housing loan commitments for December that fell 4.3%.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 65 points. The Nifty futures were trading around 17,704 levels on the Singaporean exchange.
FII and DII data
Foreign institutional investors (FII) net-sold shares worth Rs 3,065.35 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,371.36 crore on February 2, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The National Stock Exchange has added Adani Ports and retained Ambuja Cements under its F&O ban list for February 3.