4th Feb: 2 mins Nifty wrap up for the day


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GEPL Capital
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A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session

Nifty achieves our initial target of 5970. We maintain the revised target of 5800 despite a possibility of a bounce back till 6150 to 6170 range

It was an extremely volatile session for markets today. Indian markets opened the day today in line with global sentiments marred by weak USA manufacturing data. However, NIFTY began to move northwards soon after and ended flat at closing. It seems that investors into India set aside concerns arising out of USA and China. NIFTY just about reclaimed 6,000 at the time of closing. Among broader indices, BSAE BANKEX (+0.90%) was the biggest gainers followed by BSE FMCG (+0.78%). BSE IT (-1.78%) was the biggest loser due to bad news coming in from USA. NIFTY and SENSEX closed the day with loss and gain of 0.01% respectively

Technical Wrap

Nifty ended the day almost flat at 6000. It has achieved the initial target of 5970 and is now very close the 200 Day EMA support. In the very short term as long as Nifty trades below the level of 6040 the bearish trend would remain intact. Only in case of a move beyond 6040 one can expect a bounce till 6100 to 6150 range which is again an opportunity to short sell or exit from pending stuck up long positions in the index. On the higher side the level of 6200 is the make or break level and Nifty would remain weak as long as 6200 is not taken. We maintain our revised target of 5800 for the index despite any bounce back from present levels.

GEPL Capital
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