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Trade Setup for Wednesday: Top 15 things to know before Opening Bell

the key support level for Nifty is placed at 11,846.67, followed by 11,713.63. If the index continues moving up, key resistance levels to watch out for are 12,049.47 and 12,119.23.

February 04, 2020 / 09:17 PM IST

Positive global cues and lower crude oil prices helped the Indian market close with strong gains on February 4.

Experts said, after the budget, the market has shifted its focus back to fundamentals and earnings. With strong PMI data, in-line January auto sales numbers and decent Q3FY20 earnings season so far, the sentiments have turned positive.

The BSE Sensex rose 917 points, or 2.30 percent, to 40,789.38 while the Nifty50 closed with gains of 272 points, or 2.32 percent, at 11,979.65.

"The index is on the verge of retesting the breakdown trendline and 12,030–12,050 zone would be crucial for further momentum. If it manages to sustain above 12,050, then up move may extend towards 12,150–12,200. While immediate support is now shifting higher to 11,780 and then 11,600 zone," said Siddhartha Khemka, Head - Retail Research, Motilal
Oswal Financial Services Private.