InvestorQ : Hi Diksha, can you tell me the market outlook for Tuesday 09 February? Is the Nifty and Sensex headed still higher?
Arusha Ray made post

Hi Diksha, can you tell me the market outlook for Tuesday 09 February? Is the Nifty and Sensex headed still higher?

Answer
image
diksha shah answered.
4 months ago
Follow

The uptrend appears to continue as it was another decisive up move for the Nifty and the Sensex on Monday. The Nifty and the Sensex closed above the 15,100 and 51,500 levels respectively. The positive sentiments were visible in banking and automobile stocks and to a lesser extent on the metal stocks too.

Auto stocks were there in the limelight on Tuesday as stocks like Mahindra & Mahindra as well as Tata Motors rallied sharply on the back of good auto sales numbers for the month of January 2021. That sector appears to have taken leadership as more and more companies are coming with good growth in the top line and the bottom line.

On 08 February, the foreign portfolio investors were net buyers to the tune of Rs.1,877 crore while DFIs sold Rs.505 crore in the equity markets. FPIs have now infused more than Rs.14,000 crore in total into equities in the first 6 days of the month of February. This has already compensated for outflows in January and looks ready for a fresh thrust.

Global markets have been holding on in the midst of all the uncertainty in the markets. It was another buoyant day for the US markets with the Dow and the NASDAQ up nearly 100 bps on Monday. European markets were, of course, relatively subdued with the SGX Nifty trading mildly in the positive. Overall, the global trend appears to be conducive.

In the past I had spoken about the 15,000 level on Nifty and 51,000 on Sensex being a more important level combined. That level has also now been broker and there appears to be no visible resistance till 15,500 on the Nifty. That is also the upper range of the accumulation on the Nifty that is visible in the call option data. So undertone remains bullish for now.

4 Views