Stock Market Live Updates: Gift Nifty Hints Green Start, Asian Markets Rally; Titan, Tata Power In Focus

Stock Market Live Updates: Gift Nifty Hints Green Start, Asian Markets Rally; Titan, Tata Power In Focus

Feb 05, 2025, 8:34 am IST

Nifty Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities

Derivative data reflects a moderately bullish undertone, as put writers maintain a subtle edge over call writers, indicating a shift in seller positions. The 24,000-call strike witnessed a sharp increase in open interest (1.56 crore contracts), reinforcing it as a strong resistance zone. Meanwhile, substantial put writing at the 23,000 strike (1.23 crore contracts) signals solid downside support. Noteworthy put additions between 23,300 and 23,500 further solidify the support base, while call unwinding at higher strikes hints at a potential bullish repositioning. The Put-Call Ratio (PCR) ticked up to 0.94 from 0.74, suggesting growing bullish sentiment, while the “max pain” level at 23,600 implies limited downside risk despite market swings.

Feb 05, 2025, 8:28 am IST

Nifty Surges Above 200-Day EMA, Bullish Trend Intact

“On the daily chart, a decisive breakout above its previous swing high reaffirms bullish dominance. However, the index now hovers near its descending trendline resistance, requiring a strong follow-through breakout to extend the rally. The support zone has shifted higher to 23,500–23,450, while the 23,800–23,850 region, aligning with the prior swing high, continues to act as a formidable supply zone. The persistent emergence of buyers at declines reflects underlying strength, and as long as Nifty holds above 23,400, the prevailing uptrend is likely to continue. Additionally, the 200-day EMA breakout, along with RSI sustaining above 50, reinforces a constructive market outlook while minimizing downside risk,” said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Feb 05, 2025, 8:26 am IST

Market Outlook Today By Rajesh Bhosale, Technical Analyst, Angel One Ltd – Angel One

Monday’s dip found support at the 20 DEMA, and today’s sharp rebound, surpassing the Budget Day high, has resulted in a ‘Cup and Handle’ pattern on the hourly chart, indicating a potential structural bottom. Additionally, prices closed above the 50 DEMA, which previously acted as resistance during the January bounce, an encouraging sign for the bulls. Two weeks ago, we highlighted strong support near 22800, the lower boundary of a falling wedge pattern. Since then, prices have rallied impressively, now approaching the upper trendline of this formation, which connects major tops from all-time highs. While the momentum remains positive, key overhead resistance levels need to be monitored at 23900 (89 DEMA), 24000 (200 DSMA), and 24250 (previous swing high). Given these resistance zones, a buy-on-dips approach remains ideal, as it has worked well in recent sessions. On the downside, the Budget Day high of 23630 now serves as immediate support, while the bullish gap near 23400 is a key demand zone.

Having said that, geopolitical tensions amidst ongoing trade wars will continue to fuel market volatility. Additionally, domestic factors such as the MPC outcome and the Delhi state elections will play a crucial role in shaping market sentiment. Traders should stay vigilant and align their strategies accordingly.

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Original news source Credit: www.goodreturns.in

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