Nifty today: Gift Nifty signals tepid start; check support, resistance levels - MCX, Bandhan Bank, CEAT top picks by analyst

Nifty Today Prediction: A day after the India–US trade deal announcement sparked a euphoric rally, Indian equities are set for a tepid start on Tuesday, February 4. Early indicators signal to a flat opening today, with GIFT Nifty trading just 13 points or 0.05 per cent higher at 25,800 around 8 AM.Overnight, Wall Street ended sharply lower as tech selloff dragged down stocks from record levels investors worried about AI disruption. The S&P 500 fell 0.84 per cent to 6,917.81 and the Nasdaq 100 slid 1.55 per cent to end at 25,338.62. The bluechip Dow Jones lost 0.34 per cent to settle at 49,240.00.Asian stocks too were on shaky ground on Wednesday morning, tracking steep losses in the US markets. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent while Japan's Nikkei fell 1.23 per cent. South Korea's technology-heavy KOSPI fell 0.14 per cent while stocks in Taiwan shed 0.68 per cent. Hong Kong shares dropped 0.45 per cent.Nifty Support And Resistance Today Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that Nifty witnessed massive uptick on Tuesday on the news of India-US trade deal. On the daily chart, Nifty formed a long red candle after opening higher. Nifty closed higher by leaving unfilled gap within 25108-25641 levels (533 points of unfilled gap). "This is significant breakout of bulls after few weeks of sharp downward correction. As per gap theory, if said opening gap remains unfilled for the next 3-4 sessions, then that could be considered as a bullish breakaway gap, which are normally formed in the middle of a sustained uptrend," the expert said."The underlying trend of the market remains positive. As long as Nifty stays above 25600, there is a higher probability of it heading higher towards the hurdle of 26000 and next 26300 in the near term. Immediate support is placed at 25600," he added. According to Om Mehra, Technical Research Analyst, SAMCO Securities, selling pressure emerged during Tuesday's trade at higher levels after the initial gap-up. The index may have reclaimed all the major moving averages, it however, slipped below the Supertrend level near 25,850, suggesting that the recovery has not yet fully transitioned into a sustained uptrend.Nifty has immediate support at 25,500, followed by 25,400. On the upside, 25,900 remains the first resistance, followed by the 26,000, the expert said. "The sharp intraday swings witnessed during the session suggest that volatility may remain elevated, with two-sided moves likely in the coming session," the analyst added.Earlier on Tuesday, both the benchmark indices Sensex and Nifty 50 zoomed 2.5 per cent each after India and the US agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent. The 30-share BSE barometer closed at 83,739.13, up 2,072.67 points or 2.54 per cent, logging its best single-day gain in the past eight months. Likewise, the 50-share NSE Nifty zoomed 639.15 points or 2.55 per cent to settle at 25,727.55.Stocks To Buy Today Meanwhile, ET NOW panelist Kunal Bothra has recommended three stocks to buy today for short-term. The three stocks are: MCX, Bandhan Bank and CEAT.MCX Target Price: Rs 2560, Stop loss at Rs 2375Bandhan Bank Target Price: Rs 161, Stop loss at Rs 151CEAT Target Price: Rs 4000, Stop loss at Rs 3820(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)