INTRADAY MARKET UPDATE NIFTY - FEBRUARY 07, 2024

The trading session opened with a positive bias at 22045.05, reaching an intraday high of 22053.30 during the morning trade. However, it gradually declined and is currently trading at 21948, reflecting a net gain of 20 points. The immediate intraday support is established at 21940, with resistance identified at 22050. A further downtrend can be anticipated if the index falls below 21940, otherwise, a potential bounce back is likely from the support level of 21940.

Intraday support levels are set at 21940, 21850, and 21740, with corresponding resistance levels at 22050 and 22125.

Additionally, short-term support is recognized at 21,750, with resistance at 22125.

Bank Nifty

The Bank Nifty started the day with a positive bias at 45944.60 and tested an intraday high of 46062.85 in the morning trade. Presently, the index is trading at 45855, showing a gain of 165 points. On the downside, intraday support is situated at 45830, while resistance stands at 46,050. Further downward movement can be expected if the index moves below 45830, otherwise, consolidation within the trading band of 45830-46050 may occur today. 

Intraday support levels for the Bank Nifty are positioned at 45830, 45600, and 45400, with corresponding resistance levels observed at 46,050 and 46275.

From a short-term perspective, support is identified at 46,600, with resistance at 47500.