Wed, Feb 7, 2024 3:33 PM
Nifty, Sensex erase early gains on profit booking; RBI MPC
A Flip by Avya Verma
Investors this year have grown increasingly confident the US economy will achieve a "soft landing." But the election of Donald Trump as the nation's next president has complicated the outlook. And some economists now think it's likely the US could face another inflation resurgence if Trump follows through with his key campaign promises.
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On Thursday, Benchmark indices concluded the trading day on a negative note as Sensex closed lower by 0.14% and closed at 77,580.31, while Nifty closed lower by 0.11% and closed at 23,532.70 level. Market volatility, as indicated by India VIX, declined by 4.27%. Top 3 price-volume breakout stocks: 📌Jio Financial Services 📌HFCL 📌Network18 Media & Investments.
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If Nifty holds 23,500, a retest of the 24,500–24,600 resistance zone is possible. Signs of the index being oversold suggest a sideways movement or potential bounce in the coming sessions. Stocks to Buy- 📌Info Edge India: Buy at ₹7,768 | Target Price at ₹7980 | Stop Loss at ₹7,680. 📌Max Financial Services: Buy at ₹1,232 | Target Price at ₹1,275 | Stop Loss at ₹1,200.
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