Euphoria in banking stocks! Will Nifty cross the level of 26,000? Know important levels from experts
Stock Market Tomorrow, 9th February: Benchmark indices Sensex and Nifty traded strongly on Monday amid news of India-US trade deal. The positive signals of the interim agreement related to the trade deal and the strong closing of the American and Asian stock markets were clearly visible on Dalal Street. Both the major indexes were seen trading with a gain of about 0.6%. By the end of the day’s trading, the Sensex rose by about 485 points and closed at 84,065 points. At the same time, Nifty also rose by 173 points and closed at 25,867 points.
Both Nifty and Bank Nifty indices closed on strength, which has further strengthened the confidence of investors. Tremendous growth was seen not only in largecap stocks but also in midcap and smallcap segments. The market also got full support of the results. After the strong results of big banks like SBI, strong action was seen in the stocks.
Apart from this, the jewelery sector remained on the radar of investors. Kalyan Jewelers’ results were better, which had a direct impact on the stock prices. Good buying was seen in stocks like Titan, Kalyan Jewelers and PC Jewellers. At the same time, government banks and real estate sector also played an important role in strengthening the market.
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What could be the direction of the market tomorrow and in the coming sessions? (Nifty Prediction, 9th February)
On this, experts believe that at present the technical setup of the market looks quite strong. According to Harish Jujare, Head of Research, Prithvi Finmart, the uncertainty that existed last week has now ended to a great extent. Nifty maintained its strength throughout the session even after gap-up opening, indicating good buying at lower levels.
Talking about technical levels, the level of 25,700–25,750 around the 50-day moving average is considered a strong support for Nifty. As long as Nifty remains above this level, the uptrend is likely to continue. On the upside, the 26,000 level is an important psychological resistance. If Nifty crosses this, a move towards all-time high levels around 26,350 may also be seen in the coming days.
Broader market i.e. midcap and smallcap shares also remain strong. Especially the increase of about 2% in the smallcap index shows that the risk appetite of investors is currently strong.
Experts advise that there are no signs of any major decline in the market at present. In such a situation, investors can adopt the strategy of buying on dips.
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