Buy or sell: The Indian stock market ended on a positive note on Friday, February 6, led by buying interest in select heavyweight stocks such as ITC, Kotak Mahindra Bank and ICICI Bank.
The Sensex gained 266 points, or 0.32%, to settle at 83,580.40, while the Nifty 50 advanced 51 points, or 0.20%, to close at 25,693.70.
According to market experts, both benchmark indices advanced on short covering in select heavyweight stocks amid mixed global cues. Although the growth-focused Union Budget and India’s trade agreements with the European Union and the United States have strengthened the country’s macroeconomic outlook, uneven quarterly earnings and continued foreign fund outflows are keeping investor sentiment cautious.
“The benchmark indices ended the week on a strong bullish note, supported by positive global and domestic cues. A key trigger was the joint statement from the US announcing a reduction in the so-called “reciprocal” tariff on Indian goods, bringing the effective rate down to 18%, with the removal of the earlier 25% levy effective from February 7. This development helped Nifty 50 close around 25,700, up nearly. 1.25% for the week despite heightened volatility,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Nifty 50
Dongre believes that Nifty has entered an oversold zone and is attempting to stabilize near key support levels.
“While selling pressure was visible earlier, supportive indicators such as a Put–Call Ratio of around 0.75 suggest limited downside from current levels. On the monthly chart, Nifty continues to hold its long-term trendline support near the 25,000–25,300 zone, reinforcing a constructive medium-term structure. Derivatives data indicate strong Call open interest at 26,000 and 26,500, marking a resistance. band, while heavy Put open interest at 25,000–25,500 highlights a solid support base. A sustainable move above the 25,600–25,800 zone could open the door towards 26,000–26,300 in the coming weeks, though global tariff developments may cap sharp upside.
Bank Nifty
On the Bank Nifty outlook, Dongre added that the index faces immediate resistance near 60,500, with significant positioning at the 60,000 strike, while holding above 58,000 remains crucial for maintaining strength.
“Overall, the outlook remains positive with a range-bound yet constructive bias, favoring a buy-on-dips approach, selective stock accumulation, and close monitoring of global cues and geopolitical development,” said Dongre.
Weekly stocks to buy or sell
TrentBuy at ₹4113, target price of ₹stop loss of 4500 ₹3900.
Oberoi RealtyBuy at ₹1520-1550, target price of ₹1680, stop loss ₹1460.
Canara BankBuy at ₹147-150, target price of ₹160, stop loss of ₹142.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
