Nifty 50, Sensex Today: What to Expect from Indian Stock Market in Trade on February 28
The Indian Stock Market: A Close Look Ahead
The Indian stock market is in for a challenging day, with traders bracing themselves for a gap-down start. The trends on Gift Nifty indicate a drop of nearly 141 points for the Sensex, which could be a challenging start to the day. In the previous session, the Indian stock market ended with a choppy session, with the broader markets, midcap, and smallcap indices underperforming the frontline indices. Against this backdrop, what can we expect from the Sensex and Nifty 50 today?
Sensex Prediction
The Sensex continued to exhibit a range-bound trend, closing up by just 10 points at 74,612.43. According to Shrikant Chouhan, Head Equity Research, Kotak Securities, "Technically, after a muted opening, the Sensex hovered throughout the day within the range of 74,500 to 74,800. Additionally, the non-directional intraday activity and the small bearish candle on the daily charts indicate further consolidation. We believe that 74,800 will serve as a key resistance zone for short-term traders; above this level, a pullback could continue up to 75,000 – 75,300."
Nifty OI Data
The Nifty Open Interest (OI) data shows the highest OI on the call side at 22,600 and 22,700 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 22,500 strike price, marking it as a key support level, noted Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 Prediction
The Nifty 50 continued to show choppy movement, closing the day lower by 02 points amidst range-bound action. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, "A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action signals a formation of high wave-type candle pattern at the swing lows. Having formed this amidst range movement hence the predictability of the pattern could be less."
Bank Nifty Prediction
The Bank Nifty index outperformed the frontliners, ending with gains of 135.45 points, or 0.28%, at 48,743.80 on Thursday. According to Om Mehra, Technical Analyst, SAMCO Securities, "The Bank Nifty index remains directionless, as the frequent emergence of Doji candlesticks on the daily chart reflects indecision. The broader trend continues to exhibit a pattern of lower highs and lower lows, indicating underlying weakness."
Market Outlook
As we begin the day, market participants have a few key questions on their minds. What can we expect from the Sensex and Nifty 50 today? Will the market continue its range-bound action or will we see a breakout? Will the Bank Nifty continue its upward momentum? Here’s a comprehensive guide to help you navigate the market:
- Sensex and Nifty 50: The Sensex is expected to open lower, due to weakness in global markets. Nifty 50 is expected to continue its range-bound action, with potential support at 22,500 and resistance at 22,700.
- Bank Nifty: The Bank Nifty is expected to continue its upward momentum, with potential support at 48,280 and resistance at 49,100.
- Market Trends: The market trends indicate a pattern of lower highs and lower lows, indicating underlying weakness. This could lead to further correction in the short term.
Conclusion
As we begin the day, it’s essential to remain cautious and watch for any breakouts or breakdowns. Keep an eye on the trends and market indicators, and be prepared for any unexpected surprises. Remember, the market is full of uncertainties, and it’s crucial to stay informed and adapt to changing market conditions.
Disclaimer:
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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