Stock Market LIVE Updates: Sensex, Nifty Down at Pre-Open; Rupee Hits Record Low
The Indian stock market witnessed a volatile trading session today, with both the Sensex and Nifty experiencing fluctuations in pre-open trade. The Nifty50 closed marginally lower at 23,482, reflecting a mixed sentiment among investors. While a Bullish Engulfing pattern on the weekly chart suggests a potential uptrend, the formation of a spinning top candlestick pattern on the daily chart indicates possible short-term reversal signals.
Key Market Levels to Watch:
Nifty50: Immediate resistance at 23,600, with 23,280 (21DMA) acting as crucial support.
BankNifty: Support and resistance levels are positioned at 48,900 and 49,900, respectively.
Sectoral Analysis:
Bullish Sectors: Auto & FMCG
A buy-on-dips strategy is recommended for the Auto and FMCG sectors, as they have successfully broken out of a Falling Wedge pattern. This breakout indicates a trend continuation, reinforcing investor confidence in select stocks:
M&M: Forming an Ascending Triangle pattern, signaling bullish momentum.
TVS Motors: Breaking out of a Falling Wedge, indicating strength.
Colgate-Palmolive (Colpal): Successfully breaking out of a Falling Channel.
Tata Consumer: Forming a Rounding Bottom, suggesting an uptrend.
Weak Sector: Energy
The Energy sector remains under pressure, as it continues to follow a Lower Top Lower Bottom pattern. Any upward movement in this sector is expected to be short-lived unless it manages to break out of the existing Falling Channel.
Sectors in Consolidation: Metal & PSU Banking
Both the Metal and PSU Banking sectors are moving within a Triangle pattern and require a breakout to confirm a definitive trend. Until then, traders should adopt a wait-and-watch approach before making any major investment decisions.
Uncertain Sector: Pharma
Despite experiencing a long-term trendline breakdown, the Pharma sector is currently holding support at the 50WMA (Weekly Moving Average). The upcoming trading sessions will be crucial in determining its trend direction.
Strong Bullish Momentum: Realty
The Realty sector has shown a strong Bullish Engulfing pattern, which indicates continued bullish momentum in the coming days.
Rupee Hits Record Low
Alongside stock market movements, the Indian Rupee has hit a fresh record low, adding pressure to the overall market sentiment. Currency fluctuations will play a crucial role in influencing foreign investments and market stability in the near term.
Market Outlook
Given the current technical indicators and market trends, investors are advised to stay cautious and adopt a stock-specific approach. While some sectors are showing clear bullish breakouts, others remain in consolidation or downtrend zones. Traders should closely monitor global cues, sectoral trends, and key support/resistance levels before making their next move.
Reference from:-https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-03-02-2025-liveblog-12928051.html