Adani's $108 billion freefall spooks markets; NSE puts 3 Adani stocks under
The equity market rebounded sharply and settled with decent gains on February 3, driven by buying in banking & financial services, auto, select FMCG, and technology stocks. The positive news on Adani Group and the fall in oil prices also lifted market sentiment.
The BSE Sensex rallied 910 points or 1.52 percent to 60,842, while the Nifty50 jumped 244 points or 1.4 percent to 17,854 and formed a bullish candle on the daily charts with long lower shadow indicating there was a support-based buying along with huge volumes.
The index has surpassed the crucial 17,800 level after getting support at 17,550 (200 EMA), which can be a crucial level for a further uptrend in coming sessions.
"A long bull candle was formed on the daily chart with a long lower shadow. This market action signals an upside breakout of the crucial overhead resistance of 17,750-17,800 levels. This is a positive indication and one may expect further upside in the short term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
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