From The Day's Lowest Point, The Market Rallied Over 400/1300 Points


The Nifty ended 263 points higher, while the Sensex was up by 944 points.


Shrikant Chouhan, 

Head Equity Research, 

Kotak Securities

Mumbai, 2 February 2026: Today, the benchmark indices witnessed a promising  pullback rally. The Nifty ended 263 points higher, while the Sensex was up by 944 points. Among sectors, the Capital Market Index outperformed, rallying over 3 percent, whereas despite strong momentum, the IT index traded into negative territory, shedding nearly 0.50 percent.

Technically, after an early morning intraday dip, the market took support near 24,700/80400 and bounced back sharply. From the day's lowest point, the market rallied over  400/1300 points. Additionally, on intraday charts, it has formed a promising reversal pattern, and on daily charts, it formed a bullish candle, which supports a further uptrend from the current levels.

We are of the view  that now , 25,000/81500 and 24,900/81200 will act as immediate support zones for the bulls. Above these levels, a pullback formation is likely to continue, with the market potentially moving up to 25,250/82200 or the 200-day simple moving average (SMA). Further upside could also push the market toward 25,350/82500.

On the flip side, if the market falls below 24,900/81200, sentiment could change. Below this level, traders may prefer to exit their long positions.


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