Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 27
- indian mirror ·
- 27 Feb 2024
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The Indian stock market indices, Sensex and Nifty 50, are expected to open on a muted note Tuesday tracking mixed global market cues.
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 22,134 level as compared to the Nifty futures’ previous close of 22,138.
On Monday, the domestic equity indices ended lower with the benchmark Nifty 50 slipping below the support level of 22,200.
The Sensex dropped 352.67 points to close at 72,790.13, while the Nifty 50 declined 90.65 points, or 0.41%, to settle at 22,122.05.
Nifty 50 formed a small negative candle on the daily chart, which indicates follow-through weakness post new high formation.
“The market is still placed in a broader range movement and one may expect buying to emerge from the lower levels. Positive chart pattern like higher tops and bottoms are intact and present weakness could be in line with a new higher bottom formation. Hence, the Nifty is expected to find strong support around 21,900 - 21,850 levels. On the upper side, the area of 22,200 - 22,300 is likely to be a strong hurdle for the markets ahead," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
“Having faced hurdles at 22,250 - 22,300 levels, there is a possibility of a minor dip in the market and that could be a buy on dips opportunity," he said.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Upon analyzing the Open Interest (OI) data, the call side showed the highest OI at 22,300, followed by the 22,500 strike prices. On the put side, the maximum OI was observed at the 22,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.
Nifty 50 Prediction
The Nifty 50 index continued with a weak trend amidst range movement on February 26 and closed the day lower by 90 points.
“The index has slipped below the support of 22,200 and closed below it. On the daily chart a small bodied red candle has formed. Overall, the index might remain sideways during the next few days. The range is likely to stay between 22,000 and 22,200," said Nifty from Rupak De, Senior Technical Analyst, LKP Securities.
According to him, any breakout on either side might confirm the future directional trend.
Bank Nifty Prediction
The Bank Nifty index extended losses for the fourth straight day and ended 235 points lower at 46,577 on Monday.
“The Bank Nifty index experienced a tussle between the bulls and bears, resulting in a volatile trading session. Despite the volatility, the overall undertone remains bullish, contingent on the index holding the support levels around 46,500 - 46,400 on a closing basis," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The immediate resistance on the upside is situated at 46,800, and a decisive break above this level is anticipated to propel the index towards 47,000, where the highest open interest is concentrated on the call side, Shah added.
Source: mint
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