Sensex Prediction for tomorrow, Feb 4: Can the ‘Trump-Modi’ rally sustain momentum on Wednesday? Key support, resistance levels

The Indian equity markets are expected to enter Wednesday, February 4, with a mix of historic momentum and technical caution. After the massive rally on Tuesday, February 3, fuelled by the breakthrough India-US trade deal under which Washington has agreed to bring down the reciprocal tariff on Indian goods to 18 per cent, the BSE Sensex and NSE Nifty 50 are expected to face a high-voltage trading session.Sensex, Nifty close on Tuesday, February 3After starting the trade on a buoyant note, the 30-share BSE Sensex further jumped 4,205.27 points or 5.14 per cent to hit the day's high of 85,871.73. The barometer index ended at 83,739.75, up by 2072 points or 2.5 per cent.The 50-share NSE Nifty zoomed 639.15 points or 2.55 per cent to settle at 25,727.55. During the day, it surged 1,252.8 points or 4.99 per cent to 26,341.20.In terms of sectors, all the major indices traded in the green.India and the US have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi.Related News | Stock Market Today, Feb 3: Bulls party on D-Street after India-US trade deal! Sensex zooms 2072 pts, Nifty skyrockets 639 pts to 25713 – Top gainers, losersSensex gainers and losers on Tuesday, February 3From the 30 Sensex firms, Adani Ports surged 9.12 per cent. The other prominent winners were Bajaj Finance, InterGlobe Aviation, Power Grid, Sun Pharma, Bajaj Finserv and Reliance Industries.Tech Mahindra and Bharat Electronics were the only laggards.The trade deal also propelled a sharp rally in textile, leather, gems and jewellery, seafood exports and speciality chemicals stocks.Sensex Prediction on Wednesday, February 4Vipin Dixena, SEBI-registered analyst, said, “On the intraday chart, Sensex saw a sharp volatility spike followed by immediate rejection from higher levels. The rejection candle with a long upper wick highlights a lack of acceptance at higher levels.”He further said the index has immediate resistance placed at 84,200, and a decisive breakout above this can lead the Sensex toward 84,500. “Also, the Index has immediate support lying near 83,500–83,400; a decisive breakdown below this zone could drag the index towards 83,000 and lower, reviving downside momentum. RSI is at 69, suggesting strong momentum in the index,” Dixena stated.“Overall, traders should maintain a buy on dips approach in the index unless important support is broken,” the analyst concluded.On Monday, the Sensex jumped 943.52 points or 1.17 per cent to settle at 81,666.46. The Nifty climbed 262.95 points or 1.06 per cent to end at 25,088.40.(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.)