Taking Stock | Budget rally continues as benchmark index scales record high
Broader markets outperformed the main indices with BSE Midcap and Smallcap indices rose over 1 percent each. February 03, 2021 / 04:25 PM IST
The Budget exuberance continued on the Dalal Street on the third consecutive day on February 3 with benchmark indices hitting record levels, also helped by the positive global cues.
At close, the Sensex was up 458.03 points or 0.92% at 50,255.75, and the Nifty was up 142.10 points or 0.97% at 14,790. We have been successful in getting past 14,753.55 which was the previous high recorded by the Nifty. We should now target 15,000-15,100 and given the strong bullish tone, we could achieve this during the course of the February series. While we have good support at 14,200-14,300, a buy on dips strategy would be most appropriate, said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
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Nifty opened positive on Thursday and continued its upward move towards a new lifetime high at the 13,773 mark. The index continued its winning streak for the fifth consecutive session and closed with a gain of more than 50 points. It formed a small bullish candle on the daily chart towards 13,850 and then 14,000 levels, while on the downside support exists at 13,500 level.
India VIX slipped marginally by 0.22% from 19.20 to 19.15 level. The overall lower volatility suggests the bulls are holding a tight grip on the market and any small decline could trigger buying.
On the options front, maximum Put open interest stood at 13,000 level followed by 13,500, while maximum Call OI was at 13,000 followed by 13,500 levels. Marginal Call writing was seen at 14,100 and then 14,000 levels while there was Put writing at 13,500 and then 13,700 levels. Options data suggested a trading range between 13,500 and 14,000 levels.