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Nifty Chart

Nifty retained its support swing above the 20 DEMA level of 23,380 and decisively surpassed the 200 DEMA hurdle at 23,630 in a single move. It maintained its closing sequence above the 20-day Exponential Moving Average (DEMA) for two consecutive sessions, signaling resilience despite event-driven volatility. With the Union Budget behind, market focus now shifts to the RBI MPC meeting (Feb 5-7), where a widely expected 25 bps rate cut (6.5% to 6.25%) could shape sentiment. Investors will closely watch new RBI Governor Sanjay Malhotra’s commentary on liquidity and future policy direction. For the event-heavy week ahead, key support levels to track are 23,380 (20 DEMA) and 23,260, while a sustained move above this range could drive strong momentum for the rest of the series. Traders should focus on longshort opportunities in individual stocks while closely monitoring price action at key levels. Maintaining a balanced stance, staying cautious around major support and resistance levels, and avoiding breakdown candidates will be crucial to capitalizing on evolving market trends.

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