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Key support level for Nifty is placed at 11,631.67, followed by 11,555.43. If the index continues moving up, key resistance levels to watch out for are 11,766.97 and 11,826.03.

February 03, 2020 / 09:52 PM IST

Shaking off the Budget blues and buoyed by strong PMI data, equity markets bounced back on February 3 after falling for three consecutive days.

The manufacturing PMI data for India hit a near eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions that led to a rise in production and hiring activity.

Sensex closed 137 points, or 0.34 percent, higher at 39,872.31 and Nifty settled 46 points, or 0.39 percent, higher at 11,707.90.

"Technically, Nifty formed a positive candle on the daily chart. Going forward, if it sustains above 11,750, then we may see a bounce towards 11,830–11,900 levels. However, the overall bullish sentiments got dampened and thus traders should not remain aggressively on the long side. On the downside, a break below its immediate support of 11,600 may lead to a further correction towards 11,500 and then 11,333 levels," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.