The Nifty50 has been in the range of Budget day (17,353-17,972) for fifth day in a row. Therefore, unless and until it takes out decisively the high of that day, the volatility and rangebound trade is likely to continue with crucial support at 17,700-17,550 area, experts said.
Sunil Shankar Matkar
February 08, 2023 / 05:19 PM IST
Bulls retained their power at Dalal Street throughout session on February 8 and helped the Nifty50 jump to the highest closing level in last nine straight trading days, after the Reserve Bank of India acted in line with analysts’ expectations. The central bank raised repo rate by 25 bps to 6.5 percent and continued with withdrawal of accommodation stance.
The index started off the policy day higher at 17,750 and climbed near 17,900 level during intraday trade. Finally, it settled with gains of 150 points at 17,872 and recouped all its previous two-day losses, forming bullish candle on the daily charts, with making higher high higher low formation.
The Nifty50 has been in the range of Budget day (17,353-17,972) for fifth day in a row, hence unless and until it takes out decisively the high of that day, the volatility and rangebound trade is likely to continue with crucial support at 17,700-17,550 area, experts said.
The rally was led by technology, metal, pharma, and select banking & financial services stocks.
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