2/8 Thursday Trading Plan

📊 Market Sentiment: Neutral

• RBI Monetary Policy (February 2024): Keeping repo rates unchanged indicates RBI's cautious stance on inflation, impacting market sentiment and future interest rate expectations.

• Banking and Financial Services Trends (2024): AI's growing influence, interest in digital currencies, customer experience focus, and cybersecurity concerns shape the financial sector's future.

📝 Today's Recap:

• Economic Trends and U.S. Financial Landscape (2024): Observations from SIEPR on economic challenges and policy questions, alongside investors' focus on Federal Reserve's decisions, provide insights into potential market directions.

• Global Economic Updates: Interest rate decisions by global central banks, including the Bank of England and the Federal Reserve, alongside China's economic strategies, offer a broad perspective on global market trends.

🌍 Global Financial and Economic News:

• U.S. Jobs Report and Economic Growth: Strong job additions and GDP growth reflect economic resilience, potentially influencing Federal Reserve's future rate decisions.

• Danske Bank and CaixaBank Strategies: Strategic moves and forecasts by major banks underscore the banking sector's adaptability and future growth prospects.

📉 Support Levels to Watch:

• 5009, 4990, 4984 (Major), with a focus on 4984 as a critical support for maintaining the current market rally.

📈 Resistance Levels to Watch:

• 5018, 5035, 5048 (Major), indicating potential targets for upward movement if the market maintains its bullish trend.

📅 Trading Plan for Thursday:

• Approach: Cautious trading strategy amidst ongoing market analysis, with an emphasis on responding to key support and resistance levels.

• Bull Case: Maintaining support at 4984 crucial for the continuation of the market rally; targeting upward movements towards 5018 and beyond.

• Bear Case: Watch for failure at 4984 as an indication of potential market correction; short opportunities arise if major supports are breached.

• Tactics: Prioritize level-to-level trading, with a focus on major support and resistance levels for high-probability setups and disciplined profit-taking.

🛑 Disclaimer: This analysis is for educational purposes only and not financial advice. Market conditions are dynamic; consult with a professional before making trading decisions. Risk management is essential.