Aniket PujariIndian stock market: Both Indian indices – Sensex and Nifty – ended Friday, February 6, in positive territory, led by buying in select heavyweight stocks including ITC, Kotak Mahindra Bank, and ICICI Bank.
The Sensex advanced 266 points, or 0.32%, to close at 83,580.40, while the Nifty 50 added 51 points, or 0.20%, to finish at 25,693.70.
Stock market next week
Nifty 50
According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 began the session on a weak note and remained under selling pressure in the first half, marking an intraday low at 25,491.90. However, a rebound in the latter half led to a recovery of nearly 210 points from the day’s low, and the index ultimately settled at 25,693.70, reflecting strong buying interest at lower levels.
“Near-term resistance is seen in the 25,800–25,850 band, while immediate support is positioned in the 25,550–25,600 zone. The daily RSI at 52.72 indicates neutral momentum with a slight bullish undertone. The India VIX declined by 1.87% to 11.94, pointing to cooling volatility and improved market stability. In the derivatives segment, significant put writing is visible at the 25,500 strike, while substantial call writing is observed at the 25,800 and 26,000 strikes, defining a clear short-term consolidation range. As long as the index maintains a closing above 25,500, a selective buy-on-decline approach can be adopted, with a strict stop-loss at 25,450,” Bagadia added.
Bank Nifty
Bank Nifty remained relatively resilient compared to broader market volatility and closed near the 60,100 zone, highlighting continued relative strength in the banking and financial space.
On the Bank Nifty outlook, Bagadia said, “On the upside, Bank Nifty is facing an immediate resistance zone around 60,300–60,400, where supply pressure may emerge. A clean breakout and sustained acceptance above this zone would further strengthen the bullish structure and open the path for a move toward the higher resistance band near 60,500–61,000.
Overall, Bank Nifty maintains a positive bias with range-bound to bullish undertones. Trend continuation will depend on its ability to defend key support levels and absorb supply near overhead resistance zones.”
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Tuesday, January 27. The three stock picks by Bagadia are – Irb Infrastructure Developers, Bank of Maharashtra, and Zee Entertainment Enterprises.
1] Irb Infrastructure Developers: Buy at ₹43.14 | Target Price: ₹46 | Stop Loss: ₹41.78
2] Bank of Maharashtra: Buy at ₹65.52 | Target Price: ₹70.5 | Stop Loss: ₹63.18
3] Zee Entertainment Enterprises: Buy at ₹89.37 | Target Price: ₹98 | Stop Loss: ₹85.35
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
