Nifty 50, Sensex on February 28: What to expect in trade today
The trends on Gift Nifty also indicate a flat to positive start for the Indian benchmark index. The Gift Nifty was trading around 22,235 level as compared to the Nifty futures’ previous close of 22,196.
On Tuesday, the Indian stock market indices rebounded from a two-day correction and ended higher.
The Sensex gained 305.09 points to close at 73,095.22, while the Nifty 50 settled 76.30 points, or 0.34%, higher at 22,198.35.
Nifty 50 formed a reasonable positive candle on the daily chart that has engulfed the small negative candle of Monday.
“Technically, this market action is signaling a bullish engulfing pattern. But, the placement of the pattern is not convincing to call this as an important bullish reversal pattern. The near-term uptrend status of Nifty remains positive and bullish chart pattern like higher tops and bottoms are also intact. At the same time, the market is not gaining strength to witness an upside breakout of 22,200 – 22,300 levels decisively,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
According to Shetti, the immediate resistance is at 22,300 and any dips down to 22,000 – 21,950 could be a buy-on-dip opportunity.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
The Nifty 50 shifted into a sustainable upside bounce amidst a range movement on February 27 and closed the day higher by 76 points.
“The Nifty has formed a bullish engulfing pattern after two days of weakness. Additionally, the trend remains positive as the index has consistently stayed above the near-term moving average. Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high,” said Rupak De, Senior Technical Analyst, LKP Securities.
He believes a decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term. Support on the lower end is situated at 22,000.
Bank Nifty Prediction
The Bank Nifty closed Tuesday’s volatile session marginally higher by 12 points at 46,588.
“The Bank Nifty has undergone a correction from its recent peak, reaching the 21-day Exponential Moving Average (21-EMA) on the daily timeframe, where it has encountered immediate support. The battle between the bulls and bears may persist for a few more days or until a decisive breakout from the range of 46,500-47,000 on a closing basis,” De said.
According to him, a significant decline below 46,500 could lead the index towards 45,500 in the short term. Conversely, a sustained trade above 47,000 might propel the index towards 47,700.
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 taking any investment decisions.
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Published: 28 Feb 2024, 07:30 AM IST
