The major support for NSE Nifty 50 lies at 23,430, while resistance remains at 23,810, according to Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Intermediates Ltd.
"Traders are advised to adopt a cautious approach, buying near support and selling near resistance," he said.
For Bank Nifty, Hrishikesh Yedve said that the index has formed a small red candle near its previous resistance point of 50,600.
According to Shrikant Chouhan, head equity research at Kotak Securities, if the market manages to trade above the 23,500 level, then it could bounce back to 23,750-23,800.
On the flip side, trading below 23,500 would make the uptrend vulnerable, while below this level, traders may prefer to exit from their long positions, he said.
Nifty50 formed a bearish candlestick pattern, according to Aditya Gaggar, director of Progressive Shares.
“The downside appears to be supported at the 23,520 level, while a break above 23,800 would be necessary to confirm the continuation of the uptrend,” he said.
All eyes will be on the RBI Monetary Policy Committee on Friday as they decide on the key interest rates amid slowing economic growth.
Market Recap
The NSE Nifty 50 and BSE Sensex ended lower for a second consecutive session on Thursday, while market participants await the outcome of the Reserve Bank of India's Monetary Policy Committee's meeting. Trent Ltd. and Bharti Airtel Ltd. share prices weighed on the benchmarks the most.
The NSE Nifty 50 ended 92.95 points or 0.39% down at 23,603.35 and the BSE Sensex settled 213.12 points or 0.27% lower at 78,058.16.
FII/DII Activity
Foreign portfolio investors stayed net sellers of Indian equities for the second straight day on Thursday as they sold stocks worth approximately Rs 3,549.95 crore.
Domestic institutional investors stayed net buyers for the second straight session as they mopped up equities worth Rs 2,721.7 crore, according to provisional data from the National Stock Exchange.
F&O Cues
The Nifty February futures were down 0.28% to 23,706.90 at a premium of 103.55 points, with the open interest up by 1.05%.
The open interest distribution for the Nifty 50 Feb. 13 expiry series indicated most activity at 25,500 call strikes, with the 22,500 put strikes having maximum open interest.
Also Read: Your Guide To FII Positions For Feb. 7 Trade
Stocks To Watch
Zomato: The company's board has approved a name change to 'Eternal'. This announcement pertains solely to the company name and does not affect the brand or app. According to Deepinder Goyal, the name 'Eternal' has been used internally since the Blinkit acquisition. The stock ticker will also change from ZOMATO to ETERNAL.
ITC: The company entered into definitive pact to buy Ample Foods and Meat and Spice.
Hero MotoCorp: The company invested up to Rs 5.15 crore for solar power wheeling project.
Bharti Airtel: The company approved the transfer of 12,700 telecom towers, including cells on wheels, to Indus Towers for Rs 2,174 crore.
Also Read: Zomato To Change Company Name To Eternal
Global Cues
Stocks in the Asia-Pacific region declined on Friday after a volatile week, as traders await the key US jobs data due Friday to provide fresh cues.
Japan's Nikkei was down 240 points, or 0.62% at 38,827, while South Korea's Kospi fell 0.23%, or 6 points to 2,530 as of 6:30 a.m. Future contracts in China hinted at a positive stock start, while Hong Kong looks poised for losses.
Stocks in China and Hong Kong closed over 1% higher on Thursday, a few days after the South Asian country imposed retaliatory tariffs almost immediately after US tariffs came into force.
Japan's Prime Minister Shigeru Ishiba will meet with US President Donald Trump on Friday, while his Indian counterpart Narendra Modi will meet the US President later next week, as countries navigate through Trump's tariff policies.
The dollar remained unchanged while the US Treasuries were slightly lower on Thursday. The dollar index — which tracks the greenback's performance against a basket of 10 leading global currencies — was 0.10% up at 107.68.
Meanwhile, stocks on Wall Street remained muted amid mixed earnings. The S&P 500 and the tech-heavy Nasdaq Composite rose 0.36% and 0.51%, respectively. The Dow Jones Industrial Average fell 0.28%.
Friday’s jobs report is expected to show 1.75 lakh new roles added to the US economy, according to Bloomberg. A stronger-than-expected number may cut the expectations of rate cuts by the Federal Reserve.
Crude oil prices headed for a third weekly decline amid rising US-China trade tensions. The Brent crude was up 0.03% at $74.31 a barrel as of 6:42 a.m. IST, and the West Texas Intermediate was down 0.23% at $70.60.
Currency Update
The Indian rupee closed 12 paise lower at an all-time low against the US dollar on Thursday.
The local currency closed at 87.58 against the greenback. During the day, it fell to 87.59. The rupee had closed at 87.46 on Wednesday, according to Bloomberg data.
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