Home / Business and Economy / Nifty Edges Up: Consumer, Banking Stocks Lead Gains
Nifty Edges Up: Consumer, Banking Stocks Lead Gains
8 Feb
Summary
- Nifty closed higher due to buying in consumer and private banking stocks.
- Selling pressure in auto, IT, and pharma sectors limited overall gains.
- Technical analyst sees Nifty range-bound between 25,500 and 25,700.
The Nifty index concluded trading with modest gains, largely attributed to robust buying activity observed in the consumer and private banking sectors. This upward momentum was, however, counterbalanced by significant selling pressure across the auto, information technology, and pharmaceutical segments, restricting the overall advance.
Rupak De, a Senior Technical Analyst at LKP Securities, commented on the prevailing market trends. He indicated that the index is currently consolidating and anticipates it will remain within a defined range. De identified key technical levels, stating that support is positioned at 25,500 on the downside, while resistance is expected around the 25,700 mark.
