February 02, 2024 / 09:08 AM IST
Sensex Today | Aditya Gaggar, Director of Progressive Shares
The non-event (interim budget) day ended marginally lower at 21,697.45. A small bearish candle was formed on the daily chart but the undertone remains bullish with the downside protected at 21,630 which is 21DMA support while the immediate resistance is placed at 21,810.
As per GIFT Nifty indication, Indian equities are likely to commence the day around its resistance level, while a decisive move above the same will push the Index further higher toward its next hurdle of 21,970.
In the case of BankNifty, strong support is placed at 45,690 while immediate resistance is 46,580 followed by 47,000.
The Auto counters will remain in focus (monthly sales numbers) while the PSU Banking segment continues to move on our expected lines which provides a cushion to remain bullish on the same.
Housing Finance stocks look promising as they were seen strengthening their uptrend and we have technical coverage on some stocks namely LIC Housing, Repco Home, and PNB Housing. From the Metal segment, we continue to hold our positive stance on HindCopper, NMDC, and SAIL.
