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💫 Market Metrics: Weekly Roundup
⭐ Sensex: 72,085.63 ⬆️
⭐ Nifty 50: 21,853.80 ⬆️
⭐ Nifty Bank: 45,970.95 ⬆️
⭐ Nifty Smallcap 100: 16,277.85 ⬆️
⭐ Nifty Midcap 100: 48,477.00 ⬆️
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✨ Market Performance Key Takeaways For The Week
🌟 Nifty ended the eventful week with gains, but uncertainty persists. Despite Friday's substantial gains, bears intervened, erasing morning profits. Caution is advised as a 'Shooting Star' pattern emerged, signalling potential downside.
🌟 Traders are urged to avoid complacency and consider exiting long positions around 22,000 - 22,100. The primary uptrend will resume only above 22,100, while support lies at 21,650 and 21,430. Attention is expected to shift back to global developments post-key event.
🌟 As for Bank Nifty, despite some gains, it faced selling pressure, failing to secure a close above key resistance levels. It remains cautiously poised, with resistance at 20-DEMA and 50-DEMA. A break of the lower channel line could lead to further downside towards sub-45,000 levels.
🌟 The outlook remains bearish, with immediate support at 45,650 - 45,500 and significant resistance at 46,500 - 46,700. Traders are advised against aggressive long positions.
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✨ News Highlights For The Week
🌟 Finance Minister Nirmala Sitharaman unveiled a special provision of ₹75,000 Cr as a 50-year interest-free loan for state governments to drive milestone-linked reforms, aiming to propel growth and development toward a 'Vikasit Bharat'.
🌟 Aadhar Housing Finance, backed by Blackstone, has refiled its draft IPO documents with SEBI, aiming to raise up to ₹5,000 Cr this year. The IPO includes a fresh issue of shares worth ₹1,000 Cr and an offer-for-sale component of up to ₹4,000 Cr, with Blackstone reducing its stake.
🌟 In a major push for the electric vehicle (EV) ecosystem and green growth, the government announced plans to enhance EV manufacturing and charging infrastructure during the Interim Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha.
🌟Reliance Industries, owned by billionaire Mukesh Ambani, is set to acquire a 51-54% controlling stake in Disney's India operations for approximately $3.5 Bn. This comes as part of a tentative merger agreement, signaling a significant decrease from Disney India's previous estimated valuation of $15 Bn.
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Disclaimer: https://bit.ly/3usSGoH
Sources: Angel One Research | NDTV Profit | Money Control | Business Today | Trak
Date: February 02, 2024
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Angel one
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Viral News
Explained: Why RBI Has Put Restrictions On Paytm Payments Bank
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Shree Cement jumps 6% to 52-week high as Q3 net doubles, keeps brokerages upbeat
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Godrej Consumer shares surge to 52-week high on healthy Q3 earnings
Dixon Tech shares jump 6% as revenue doubles in Q3
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Risky trade
Buy Eurinr 90.11
Target 90.15
2nd 90.20
Stop loss 90.07
Trade Your Own Risk
