How will the Indian stock market open tomorrow after Delhi exit polls? Key Sensex, Nifty levels, stocks to watch

The Indian frontline indices ended Wednesday’s session (February 5) in the red, weighed down by weak support from heavyweight stocks and the escalating U.S.-China trade war. Additionally, investor focus has shifted to the Reserve Bank of India’s upcoming monetary policy meeting under the new governor, with expectations of a rate cut when the meeting concludes on Friday.

While large-cap stocks continued to struggle in today’s trade, the broader market performed well, supported by strong buying across major counters. The Nifty 50 ended the session with a 0.18% drop at 23,696, while the Sensex closed at 78,271, down 0.40% compared to Tuesday’s close.

Taking a breather after recent rally, stock markets closed lower on Wednesday as investors turned cautious ahead of the RBI’s monetary policy decision later this week and trade war concerns.

The 30-share BSE Sensex declined 312.53 points or 0.40 per cent to settle at 78,271.28 with 21 of constituents closing down and nine with gains. During the day, it went lower by 367.56 points or 0.46 per cent to 78,216.25.

The NSE Nifty dropped 42.95 points or 0.18 per cent to 23,696.30. The index moved between a high of 23,807.30 and a low of 23,680.45 during the day.

The rupee plunged 36 paise to close at an all-time low of 87.43 against the US dollar on Wednesday, as global trade war concerns fuelled risk aversion among investors.

Forex traders said the rupee is trading with a negative bias over global trade war as market participants mulled the impact of tariffs being imposed by the United States and China.

Moreover, rate cut concerns by the Reserve Bank of India and broad strength of the American currency in the overseas market dented investor sentiments further.

At the interbank foreign exchange, the rupee opened on a weak note at 87.13 and touched an intraday low of 87.49 against the American currency during the session.

The local unit finally settled at a record closing low of 87.43, lower by 36 paise over its previous close.

How will the Indian stock market open tomorrow after Delhi exit polls?

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“Markets mirrored weak global cues and ended lower amid selling in select banking, auto, realty and FMCG stocks. However, the broader markets along with other sectoral stocks bucked the trend as investors lapped up mid and small-cap stocks after the recent sell-off. While all eyes will be on Friday’s monetary policy announcement, intra-day volatility could intensify over next few sessions.”

Key Sensex, Nifty technical levels

“The Nifty index opened positively, traded in a narrow range, and settled on a negative note at 23,696. However, the broader market outpaced the Nifty, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining around 0.68% and 1.85%, respectively.

Technically, on a daily scale Nifty formed a red candle near trend line resistance, indicating profit booking. The recent breakout point is located around 23,630 levels. Therefore, 23,600–23,630 will serve as support while 23,800–23,810 will act as hurdle for Nifty index. A breakout in either direction will determine the future trajectory of the index.

Similarly, Bank Nifty opened on a gap up note, saw buying interest, and finally settled the day on a positive at 50,343 levels. Technically speaking, the Bank Nifty faced resistance near its previous breakdown point, leading to profit booking and the formation of a spinning top candlestick pattern, indicating profit booking. Support for the index is placed near 50,000, while resistance for the index is placed around 50,600. A breakout in either direction will set up the next move for the index.”

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