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Below the Quote on Pre-market comment for Tuesday Feb 3 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equities are expected to open on a strong positive note on February 3, with GIFT Nifty indicating an opening around 26,175, nearly 1,033 points higher. The broader market direction will continue to be influenced by global equity trends, movements in crude oil prices, and institutional fund flows.

In the previous session, the Nifty 50 opened flat and remained highly volatile throughout the day. The index declined sharply from its intraday high of 25,108 to a low of 24,679.40, losing nearly 420 points. However, strong buying interest emerged at lower levels, helping the index recover close to 400 points from the lows to close at 25,088. This recovery highlights demand near key support zones. As per GIFT Nifty indications, immediate resistance is placed at 26,200–26,350, while support lies in the 25,600–25,800 range. The daily RSI stands at 39.20 and is trending upward, indicating mild momentum recovery, although it remains in bearish territory.

Bank Nifty also opened flat but witnessed a sharp decline from the intraday high to the intraday low. Thereafter, the index rebounded around 783 points, reflecting value buying and short-covering near important support levels. Resistance is seen in the 60,500–60,900 zone, while the 59,300–59,700 range remains a crucial support area. The daily RSI at 43.34 is rising, signaling gradual improvement in momentum.

On February 2, foreign institutional investors sold equities worth ?1,832.5 crore, while domestic institutional investors were also net sellers, offloading shares worth ?2,446.3 crore, adding to market pressure.

Given persistent global uncertainties and elevated volatility, traders are advised to stay selective and disciplined, focusing on fundamentally strong stocks during market declines. Fresh long positions should be considered only after a confirmed and sustained breakout above the 26,000 level on the Nifty, which would signal a meaningful improvement in overall market sentiment.

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