Nifty Analysis & Bank Nifty Prediction for Tomorrow |6 FEB 2024 | Elliott Wave Theory | ELLIOTT BABA This prediction is for the Nifty Index and it’s based on a technical analysis of the market. I’ll also be providing an option trading setup for beginners so that you can start trading options today! If you’re looking to invest in stocks or options, then this is the video for you! #elliottwaveanalysis #fibonacci #elliottwavetheory #elliottbaba
On February 5, 2024, the Nifty 50 experienced notable volatility, initially hitting a new all-time high of 22,126.80, before facing significant selling pressure that led to a retreat within the range of 21,200 to 21,900. The index eventually closed the session at 21,853.80, marking a gain of 156.30 points or 0.72%. This movement reflected a positive end to a fluctuating trading session, driven by gains in specific sectors such as oil & gas, IT, and metals, while the banking sector recorded a decline. The performance was part of the broader market dynamics, with the Sensex also gaining 440 points, underpinned by contributions from leading stocks. Among the sectors, oil & gas led the gains with a 4% increase, followed by IT, metal, realty, and power sectors with 1-2% rises. Conversely, the bank index witnessed a 0.5% decline
**Top Gainers and Losers in Nifty 50:**
– **Top Gainers:** The session’s top gainers included BPCL, Power Grid Corporation, ONGC, Adani Ports, and NTPC, which contributed positively to the index’s performance
– **Top Losers:** On the other end, the stocks that faced declines included Eicher Motors, Axis Bank, HDFC Life, HDFC Bank, and HUL, which were among the day’s top losers
This day’s trading underscored the market’s ongoing volatility, with movements influenced by both global cues and domestic sector-specific dynamics. The initial surge to an all-time high, followed by a significant pullback, highlights the market’s cautious optimism, balancing growth prospects against potential risks and uncertainties.
