Wednesday, February 5, 2025
Market Recap
- Sensex Surges: Sensex climbed 1,397.07 points (1.81%) to close at 78,583.81.
- Nifty’s Rally: Nifty 50 index rose by 378.20 points (1.62%), ending at 23,739.25.
- Global Relief: The U.S. decision to halt planned tariffs on Canada and Mexico eased global trade tensions, boosting market sentiment.
- Banking Boost: Anticipation of a rate cut in the upcoming RBI policy meeting spurred a rally in banking stocks.
Technical Levels
- Bullish Indicators: Nifty formed a green candle with a long lower shadow, suggesting potential for further gains.
- Resistance Levels: Key resistance is identified at 23,800-23,820 levels, with potential upside towards 24,050. Immediate support is at 23,630 and 23,500.
Foreign Portfolio Investors (FPIs)
After 23 sessions of selling, FPIs turned net buyers, indicating potential renewed confidence in the Indian market.
Looking Ahead
Anticipate continued bullish momentum, with a focus on breaking the 23,800 resistance level. Advised to look for buying opportunities on dips.
Stay informed with Morning Mint.
-Team Market Mint
Note: This newsletter is for informational purposes only and should not be considered financial advice.
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