Trading Highlights and Market Today- written by Aishee Biswas (Managing Editor, Bisjhintus News)

NSE Nifty:

This week gone by, Nifty shed 120 points or 0.55% to finish at 21,782.5.

 

PSU banks, meanwhile, outshined with the State Bank of India leading with a 12% rally in just five trading sessions.

 

Nifty Midcap and Smallcap:

Despite the selloff on Friday, Nifty Midcap 100 ended 0.85% higher for the week, while Nifty Smallcap 100 slipped 0.05%.

 

BSE Sensex:

On February 9, The Sensex gained 167.06 points, or 0.23%, to close at 71,595.49.

 

Market today:

1. Sensex down 250pts, Nifty at 21,700; IT, Pharma, Healthcare up while rest fall and energy stocks in red after ONGC’s result declaration.

The market maintains a negative to range bound trend subsequently. Sensex and Nifty both show edge down in early trade. 

 

2. “The market remained in a pattern of a one-day sharp decline and upside bounces in the subsequent days. The Nifty is currently placed at the immediate support of the uptrend line around 21,550 - 21,600 levels. Positive chart patterns like higher tops and bottoms are intact and Friday’s low of 21,630 could be considered as a new higher bottom," said Nagaraj Shetti, Senior Technical Research of HDFC. 

 

3. The markets remains resilient even after the initial enthusiasm of early rate cuts in 2024, both in US and India. This has moderated an indication of the underlying strength of the market. Apart from positive economic cues, a major factor supporting the market is the sustained flows to the market through mutual funds.