Sensex and Nifty Resilient Amid Intraday Fluctuations Market Analysis

5 février 2024

In the latest market developments, the BSE Sensex and Nifty exhibited a mixed trading pattern with minimal changes, showcasing the dynamism of the current financial landscape. As of 12:20 p.m. on Monday, the BSE Sensex displayed a marginal uptick of 0.23%, settling at 72,253.87 points, while the Nifty experienced a modest rise of 0.37%, reaching 21,933.80 points.

Vaishali Parekh, VP - Technical Research at Prabhudas Lilladher, provided insights into the intraday performance of the Nifty, highlighting its peak at 22,126 before a post-lunch retracement, ultimately closing near 21,850. Parekh emphasized the significance of the support level at 21,500 and expressed anticipation for a conclusive close above 22,000 to sustain positive market sentiment.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, drew attention to the robust global equity market, underscoring the resilience of the US market and the release of strong job data. Pointing out the favorable market momentum driven by Domestic Institutional Investors (DIIs) and retail buying, Vijayakumar identified Tata Motors, Interglobe Aviation, and RIL as standout performers.

Anand James, Chief Market Strategist at Geojit Financial Services, acknowledged the rejection trades from the previous Friday but leaned on support clusters around 21,720 or 21,600 to prevent a complete reversal. James maintained an optimistic outlook with an upside objective of 22,450-550, reinforcing the notion of ongoing market resilience.

The current market scenario seems to be influenced by a confluence of factors, including global economic trends, positive domestic institutional support, and notable performances in specific sectors such as auto, metal, and pharma. As investors navigate through these developments, the market's ability to maintain its resilience in the face of intraday fluctuations remains a key focal point for analysts and participants alike.

In conclusion, while the Sensex and Nifty may have traded relatively flat during the monitored period, the underlying dynamics, expert analyses, and identified support levels contribute to a comprehensive understanding of the ongoing market trends and provide valuable insights for investors and market enthusiasts.