Morning Outlook for 7th Feb 2024

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1.The benchmark Sensex and Nifty indices are anticipated to open strongly on February 7, with indications from the GIFT Nifty suggesting a positive start for the broader index, projecting a gain of 114 points.

2.Analyzing the daily charts reveals that the Nifty has been trading within a range in an upward sloping channel. The ongoing upward momentum is expected to persist as long as it remains above the recent swing lows of 21730, potentially reaching levels around 22100 – 22200. During this consolidation phase, stock-specific movements and sector rotation are likely to drive market dynamics. Key support levels are identified at 21700 – 21650, while an immediate hurdle zone is situated at 22100 – 22200.

3.Although Bank Nifty closed in the negative, it appears to be oversold. The positive crossover on the hourly timeframe chart indicates that Bank Nifty may experience a pullback following the recent correction. A retracement towards 46500 – 47000 is anticipated on the upside, with crucial support positioned at 45000.

4.In terms of institutional activities, Foreign Institutional Investors (FIIs) net bought shares worth Rs 92.52 crore, while Domestic Institutional Investors (DIIs) purchased Rs 1,096.26 crore worth of stocks on February 6, as per provisional data from the NSE.

Choice Broking Fundamental Picks (More than one Year)

1.Centum Electronics   -Target-2175  ( upside 28% )  CMP@ 1685

2.Lumax Auto Tech  -Target-457  ( upside 15% )  CMP@ 397

3.  Dalmia Bharat  -Target 2515 (upside 15% ) CMP@2188

4.Concord Biotech  – Target 1715 ( Upside 15% ) CMP@ 1490     

5.  State Bank of India–Target 755 ( Upside 16%) CMP@ 651

  1. Ultratech Cement -Target 11205 ( Upside 12%) CMP@ 10066

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