Capital Market index outperformed, rallying over 5 percent.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 3 February 2026: Today, the benchmark indices witnessed a promising rally. The Nifty ended 639 points higher, while the Sensex was up by 2073 points. Among sectors, all the major sectoral indices traded in positive territory, but the Capital Market index outperformed, rallying over 5 percent. Technically, the market opened with a gap of over 1,220/3500 points, but due to temporary overbought conditions, it witnessed some profit booking at higher levels. We are of the view that the short-term market outlook remains positive, but a strategy of buying on dips and selling on rallies would be ideal for traders. On the downside, retracement support is placed at 25,500/83000 and 25,350/82500, while 25,900/84300 and 26,000/84500 would act as immediate resistance levels for the bulls. However, below 25,350/82500, the uptrend could become vulnerable.
