The stock market witnessed strong buying momentum from the start of the trading session on Tuesday. The Sensex opened nearly 2,500 points higher, while benchmark indices, including the Nifty 50 and Bank Nifty, traded firmly in the green.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Indian stock market is likely to remain positive through the day, supported by optimism around the India–US trade deal. On Monday, the Nifty 50 had closed above the key 25,000 mark, a move that signalled improving sentiment.
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According to Parekh, the index needs to close above 25,400 for strong bullish conviction to emerge. By around 10 am on Tuesday, the Nifty 50 was trading above 25,700, strengthening expectations of further recovery. Market participants believe that as long as the index holds above the 25,400 level, the upward trend can continue, while 24,500 remains a crucial support zone. The recovery seen on Monday is also being viewed by experts as a positive sign.
Bank Nifty, which had taken a significant hit on Budget day, showed signs of recovery on Monday. Analysts said the index needs to move past the 50-day exponential moving average (EMA) to confirm sustained strength. On Tuesday morning, shortly after opening, Bank Nifty surged by nearly 1,400 points, reflecting renewed buying interest in banking stocks.
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Which stocks to watch for February 3?
IOC:
Buy: ₹163. Target: ₹170. Stop Loss: ₹159
Ambuja Cement:
Buy: ₹507. Target: ₹525. Stop Loss: ₹497
Deep Industries:
Buy: ₹367. Target: ₹385. Stop Loss: ₹350
Additionally, Chandan Taparia, Head of Derivatives & Technical at Motilal Oswal Financial Services, has recommended 3 stocks for the day.
HPCL:
Target: ₹480. Stop Loss: ₹438
Ashok Leyland:
Target: ₹206. Stop Loss: ₹189
Jindal Steel:
Target: ₹1200. Stop Loss: ₹1090
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the stock market or any field involve risk. Proper research and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
