This is how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty closed in the red for the third consecutive session and remained below the 50-day moving average, indicating near-term pressure. However, the index has held above its 20-day exponential moving average for the past three sessions, indicating that the immediate trading range could remain narrow. He added that the daily RSI remains in positive territory. According to De, the band between 25,480 and 25,500 remains a key support area, while any rebound towards 25,875 could attract selling. Overall, he expects the index to remain within range in the near term, with selective stock-specific outperformance.
American markets
The S&P 500 fell to a near two-week low on Thursday and the Nasdaq fell to its lowest level in more than two months on Thursday, as the AI ​​theme came under renewed pressure after Alphabet’s spending plans and gloomy expectations from Qualcomm roiled investors.
The Dow Jones fell 605.04 points (-1.22%) to 48,896.26, the S&P 500 fell 90.71 points (-1.32%) to 6,792.02 and the Nasdaq fell 384.59 points (-1.68%) to 22,519.99.
Shares of the Google parent company fell as much as 7.81% after Alphabet said it would double its capital expenditures this year, marking another aggressive push to strengthen its position in the AI ​​race.
European markets
European markets were in the red at around 1.46pm GMT (7.31pm Indian time), with Britain’s FTSE 100 lower by 0.54%, while the Stoxx 600, France’s CAC 40, Germany’s DAX and Spain’s IBEX fell as much as 1.60%.
Technical view
Nifty has entered a consolidation phase with prices moving within a certain range after a sharp two-session jump, said Rajesh Bhosale, technical analyst at Angel One. He added that the index continues to trade above all major moving averages, while the RSI remains in positive territory above 50, indicating that the broader trend remains positive.”The current phase appears to be a healthy cooldown after Tuesday’s sharp rise (1200 points), and the next momentum trigger is likely after the RBI policy announcement. Till then, the primary trend remains intact and any dip should be seen as a buying opportunity, provided key supports hold,” he said.
Bhosale said Nifty is above the crucial support zone at 25,500 and below this level there is a strong support around 25,250, which coincides with the 200DEMA, the remaining bullish gap and the 61.8% retracement of the entire upward move from the Budget low. On the upside, 25,750-25,850 remains an immediate resistance zone, followed by the psychological barrier of 26,000.
Most active stocks in terms of turnover
PB Fintech (Policybazaar, Rs 518 crore), HDFC Bank (Rs 383 crore), Kotak Mahindra Bank (Rs 298 crore), RIL (Rs 225 crore), ICICI Bank (Rs 182 crore), Hindustan Copper (Rs 166 crore) and HAL (Rs 162 crore) were among the most active stocks in the market. BSE in value terms. Higher activity in a counter in terms of value can help identify the counters with the highest trading turnover per day.
Most active stocks by volume
Vodafone Idea (Shares traded: Rs 4.61 crore), Suzlon Energy (Shares traded: Rs 4.31 lakh), RPower (Shares traded: Rs 85.49 crore), JP Power (Shares traded: Rs 81.28 lakh), PC Jeweler (Shares traded: Rs 77.56 lakh), Kotak Mahindra Bank (Shares traded: 73.46) and IFCI (Shares traded: 63.36 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Nykaa, Policybazaar, Devyani International, Aditya Birla Real Estate, Sapphire Foods, Inventurus Knowledge, Force Motors and Birlasoft.
were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 75 stocks hit their 52-week highs, while 92 stocks fell to their 52-week lows. Adani Ports, APL Apollo Tubes, Bharat Forge, Force Motors, IOC, Jindal Steel, Prime Focus and SMT Engineering were among those that hit 52-week highs.
Stocks see selling pressure
Among the large cap names were Bharti Airtel, ICICI Bank and RIL. Other stocks that witnessed significant selling pressure were Hexaware Technologies, JP Power, IDBI Bank, Redington, Valor Estate, MCX and Vedanta.
Sentiment meter favors bears
Actions in heavyweights such as Bharti Airtel, ICICI Bank and RIL dragged the markets the most. In broader markets, breadth remained negative. Of the 4,342 shares traded on the BSE on Thursday, February 5, 1,690 shares witnessed progress, 2,504 saw a decline, while 148 shares remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)
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