Stock Market LIVE: Sensex, Nifty Decline as Bitcoin Slides Toward $90,000
The stock market witnessed a volatile session today, with Sensex and Nifty showing a downward trend at pre-open. Additionally, Bitcoin experienced a sharp decline following President Donald Trump's decision to impose tariffs on Canada, Mexico, and China.
Stock Market Overview
Sector-Wise Market Insights
- M&M: Forming an Ascending Triangle pattern
- TVS Motors: Breaking out of a Falling Wedge
- Colgate Palmolive: Falling Channel Breakout
- Tata Consumer: Rounding Bottom Breakout
- Bitcoin Price: $93,768.66 (-7%)
- CoinDesk 20 Index: Down 19%
- Ethereum: Plunged 20%, reaching its lowest level since November
- 25% tariffs on Mexico and Canada
- 10% tariffs on China
- Support Level: Investors are closely watching the $90,000 support level.
- Potential Drop: If Bitcoin falls below $90,000, it could decline further to $80,000.
- Long-Term Outlook: Analysts predict a bullish future, as a prolonged trade war could weaken the US dollar, ultimately benefiting Bitcoin.
- Jeff Park (Bitwise Asset Management): Believes a long-term tariff war could be “amazing” for Bitcoin due to USD devaluation.
- Standard Chartered: Warns of a self-fulfilling sell-off if Bitcoin revisits $90,000.
- H.C. Wainwright: Predicts Bitcoin could reach $225,000 this year if regulatory clarity improves.
Stay tuned for more updates on stock market trends and investment strategies! 🚀
The Nifty50 closed at 23,482, forming a Bullish Engulfing pattern on the weekly chart, signaling a positive outlook. However, a Spinning Top candlestick pattern on the daily chart suggests minor reversals. Analysts predict immediate resistance at 23,600, with a support level at 23,280 (21DMA).
For Bank Nifty, key levels to watch are 48,900 (support) and 49,900 (resistance).
Auto & FMCG: A buy-on-dips strategy is recommended as these sectors have broken out from a Falling Wedge formation, suggesting a trend continuation.
Energy: The sector remains weak, forming a Lower Top Lower Bottom pattern. Rallies are unlikely to sustain within the current Falling Channel formation.
Metals & PSU Banking: These sectors are oscillating in a Triangle pattern, awaiting a breakout for confirmation.
Pharma: While experiencing a long-term trendline breakdown, it is holding firm at 50WMA support, making future movements uncertain.
Realty: A strong Bullish Engulfing pattern signals bullish momentum.
Bitcoin experienced a significant decline following Trump's decision to impose import tariffs:
The cryptocurrency market tumbled after Trump signed an order imposing:
With the U.S. engaged in $1.6 trillion worth of trade with these countries, concerns over economic stability spurred a sell-off in risk assets, including Bitcoin.
The market is experiencing a volatile phase, with both stocks and cryptocurrencies reacting to global economic developments. While Nifty and Sensex show mixed signals, Auto and FMCG stocks present good buying opportunities. Meanwhile, Bitcoin traders should watch key support levels before making investment decisions.
Reference from:-https://www.cnbc.com/2025/02/02/bitcoin-dips-below-97000-after-trump-orders-tariffs-smaller-cryptocurrencies-tumble.html