The index remains in a sell-on-rise mode. Immediate resistance is at 17,700-17,750 and support is at 17,400, Rupak De of LKP Securities has said
February 01, 2023 / 05:13 PM IST
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The Nifty saw some wild swings on February 1 as Finance Minister Nirmala Sitharaman presented the budget for financial year 2023-24. It came within touching distance of 18,000 only to wipe out most of the gain in a massive selloff in the last couple of hours.
The Street seemed to cheer the Budget’s higher-than-expected capital investment outlay of Rs 10 lakh crore, and changes in personal income tax slab, which are expected to boost demand, while exhibiting fiscal prudence but a sharp selloff in Adani group stocks dampened the sentiment.
After going past the 17,900 mark early in the session, the index slipped to 17,353 in the last hour of trade but managed to recoup losses to close 46 points downs at 17,616. The index defended its 200 daily exponential moving average (DEMA) for the fourth day in a row, which can be crucial support in the coming sessions. The level of 17,700-18,000 can be the next hurdle, experts said.
The index formed a bearish candle with a big upper and lower shadow, which resembles High Wave pattern on the daily charts, indicating too much volatility in the market and indecisiveness among buyers and sellers about the future market trend.
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