Market Mint: Your Daily Market Brief

Friday, February 7, 2025

Market Recap

• On Thursday, the Sensex declined by 213.12 points (0.27%) to close at 78,058.16. The Nifty 50 also fell, ending at 23,603.35, down 92.95 points (0.39%).

Key Factors Influencing the Market

• RBI Policy Decision: Investors are cautious ahead of the Reserve Bank of India’s upcoming monetary policy announcement, anticipating potential rate cuts amid global trade uncertainties.
• Global Trade Concerns: Ongoing trade tensions are causing worries about their impact on global trade dynamics and economic growth.

Technical Insights

• The Nifty formed a significant bearish candle on the daily chart, indicating selling pressure at higher levels. Despite this, the bullish pattern of higher highs and lows remains intact. Current weakness might find support around 23,500-23,450 levels, with a potential rebound expected. A decisive move above 23,800 could trigger renewed buying momentum.

Trading Strategy

• Traders are advised to monitor the 23,500 support level. A bounce from this level could present buying opportunities, especially if the Nifty moves above the 23,800 mark, signaling potential for further gains.
• If the market struggles to bounce from 23500 level and starts falling further or closes below 23500-23450, we might witness further fall. 23350 and 23265 will be very crucial to for bulls in the market.

Looking Ahead

• Market participants should stay vigilant regarding the RBI’s policy decisions and global trade developments, as these factors are likely to influence market movements.

Stay informed and trade wisely with Market Mint.

-Team Market Mint