Stock market today: Benchmark indices Sensex and Nifty 50 witnessed a notable surge on Monday, February 9, climbing 0.7% each as encouraging signals from the interim agreement of the India–US trade deal and a robust close in US and Asian markets boosted morale on Dalal Street.
In early trading, PSU bank stocks (up 3.42%) and metal stocks (up 1%) led the upward movement, although FMCG shares slightly restrained the overall rally. Experts noted that the markets showcased a broadly positive risk-on sentiment, with substantial participation from the banking, metals, PSU banks, real estate, and consumption-related sectors.
They believe that this rally indicates a rise in sentiment and a revival of buying confidence, while the IT sector appears to lag mildly, suggesting a selective rotation in investments instead of a consistent risk appetite across all sectors.
The Nifty 50 inched up by 0.60% to reach 25,888. 70, while the BSE Sensex gained 0.51% to touch 84,000.52 as of 14:18 IST.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50 Outlook
After witnessing more than 800 points correction from the swing high of 26,341 registered after trade deal announcement between US and India, Nifty 50 filled the gap range 25,108-25,641 partially and bounced back. Primary trend of the Nifty 50 has now turned bullish as the index has secured its level above all key moving averages. Indicators and oscillators like MACD and RSI have turned bullish on daily and weekly charts.
Short term resistance for the Nifty 50 is seen near 26,000 above which index could extend the rally towards fresh all time high above 26,373. On the downside, band of 25,450-25,500 could offer strong support to the index. From the sectors Metal, PSUs, Auto Ancillaries and Infra are looking the strongest and could outperform in the near term.
2 stocks to buy in the near-term
Buy Samvardhan Motherson at ₹121 | Target ₹137 | stop-loss ₹114
Stock price has broken out from downward sloping trend line. Primary trend of the stock has been bullish with higher tops and higher bottoms. Stock is placed above long-term key moving averages, indicating uptrend on all time frames. Daily RSI is sustaining above 50, indicating sustained uptrend for the underlying. Daily MACD has given bullish crossover on its signal line.
Buy CPSEETF 100| Target ₹107, 111 | stop-loss ₹93.50
ETF price has broken out from horizontal trend line on daily chart. Primary trend of the Stock has been bullish with higher tops and higher bottoms. The ETF is placed above long-term key moving averages, indicating uptrend on all time frames. Daily RSI is sustaining above 50, indicating sustained uptrend for the underlying. Daily MACD is placed above signal and zero line.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
