New Delhi, Feb 4: Domestic markets will focus on the RBI policy meeting in the coming week.

With the US Fed and Interim Budget now behind, all eyes will be on RBI’s policy meeting. We expect the central bank to maintain its status quo, says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Overall we expect the market to remain in positive territory as sentiments remain high amid commendable delivery on budget, he added.

On Friday, Nifty remained in positive territory throughout the session to close with gains of 156 points (+0.7 per cent) at 21,854 levels.

Majority of the sectors ended in green with buying seen in Oil & Gas, Metals, PSU Bank, and IT.

Oil marketing stocks gained 3 per cent on account of Brent crude falling to a nearly 1-month low at $78/bbl amid a ceasefire in the Middle East.

Tech stocks witnessed a fresh buying on account of bargain hunting after strong quarterly results announced by Meta and Amazon.

PSU bank surged over 2 per cent on account of the 10-Year G-Sec Yield falling to an 8-month low at 7.04 per cent after the Finance Minister announced a lower borrowing plan, he said.

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Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said the short-term uptrend status of Nifty remains intact. But the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22,100 - 22,200 levels and that could possibly result in short-term weakness from the highs. Immediate support is at 21,700 levels.

IANS

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