Budget day of fiscal 2020-2021 was not encouraging from market perspective. Nifty has corrected close to 400 points from days high of 1st Feb 2020. After a waterfall on 1st Feb, investors were inclined to buy quality stocks which were down anywhere between 5 to 15% which helped Nifty recover all the points lost on Budget day and closed the 1st week of Feb on higher lows. However, today (7th Feb) profit booking was on and selling pressure was witnessed in all the stocks which rallied during pre-budget.
For week 2 of Feb: Per OI data, Nifty should move in a range of 12000 - 12200 with 12100 acting as immediate resistance and support once 12100 is breached. Midcap, Pharma, FMGC and Financial Services had a good gain last week. Per Charts, Metal companies would act as a flavor of a week for this week. Keep watch on all metal stocks and pick the stocks which were beaten down for handsome returns.
Note: I am not a SEBI registered "Research Analyst". The above analysis was shared for Educational Purpose only.
For week 2 of Feb: Per OI data, Nifty should move in a range of 12000 - 12200 with 12100 acting as immediate resistance and support once 12100 is breached. Midcap, Pharma, FMGC and Financial Services had a good gain last week. Per Charts, Metal companies would act as a flavor of a week for this week. Keep watch on all metal stocks and pick the stocks which were beaten down for handsome returns.
Note: I am not a SEBI registered "Research Analyst". The above analysis was shared for Educational Purpose only.