Day Trading Setup: 3 Buy Calls By VLA Ambala On Friday, Feb 2

The benchmark indices concluded on a negative note as the Union Budget revealed no significant surprises. The Sensex closed the Interim Budget session down by 107 points. Despite a rally in PSU banks, sectors such as realty, consumer durables, and defense stocks faced pressure, presenting an opportunity for investors. The government demonstrated a clear focus on predetermined goals in this interim budget. Paytm experienced a 20% dip after being banned from executing new business activities, perceived as a setback for the company.

As anticipated, it was a highly volatile day. Contrary to widespread speculation about substantial changes in taxation, the interim budget did not implement any such modifications.

Considering these factors, today the market closed in an "Extreme Fear Condition," with the Market Mood Index suggesting 32.31. India VIX closed the day at 14.46. It is a good time to prepare for fresh investments, but caution is advised when selecting sectors and stocks.

Investors view the January meeting as a prelude to interest rate cut measures, with the banking sector likely to be significantly impacted. There is a delay observed by the FED on the interest rate cut verdict, and markets anticipate the Fed to commence lowering the federal funds target range in March, aiming for a soft landing.

Key Levels to Watch on February 2, 2024

NIFTY

RESISTANCE - 21830 / 21960 / 22120 SUPPORT - 21525 / 21350

BANK NIFTY

RESISTANCE - 46500 / 47050 / 47230 SUPPORT - 45850 / 45700 / 45620

Stocks to Monitor for Intraday and Swing Trading on February 2, 2024

1. VARROC

BUY - 594 TARGET - 635 / 745 STOP LOSS (SL) - 510

2. CENTURYTEX

BUY - 1504 TARGET - 1590 / 1750 STOP LOSS (SL) - 1375

3. SFL

BUY - 1150 TARGET - 1180/1200/1230/1250/1270/1300/1350/1400 STOP LOSS (SL) - 1120

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, and technical analysis.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.