Know How Stock Market Will Move on February 28

Positive Momentum in Indian Markets Despite Volatility

On February 27, the Indian stock market displayed resilience amid a volatile trading session.

The BSE Sensex closed at 73,095.22, gaining 305.09 points (0.42%), while the Nifty closed at 22,198.30, securing a 76.30 point gain (0.34%). Notably, the BSE Midcap and Smallcap indices experienced a marginal decline.

The Bank Nifty, however, exhibited strength by rising 12 points and closing at 46,588, contrasting with the midcap index, which fell 61 points, closing at 49,041.

In terms of market breadth, 1340 shares gained momentum, 1968 shares declined, and 72 shares remained unchanged.

The top Nifty gainers included Tata Motors, TCS, IndusInd Bank, Power Grid Corp, and Sun Pharma. Conversely, Hero MotoCorp, Bajaj Finance, SBI, Divis Labs, and UPL were among the top losers.

Various sectoral indices demonstrated mixed performances. Auto, Capital Goods, IT, Pharma, and Realty witnessed gains of 0.5-1%, while the oil and gas index recorded a 1% decline.

The BSE Midcap and Smallcap indices closed with slight losses, reflecting the nuanced nature of the market movements.

Looking ahead to February 28, market analysts offer insights into potential trends. Jatin Gedia of Sharekhan notes that Nifty started the day on a weak note but improved to close in the green.

Bollinger Bands narrowing suggests a range-bound market, and a positive crossover in the Hourly Momentum Indicator signals a bullish outlook.

Gedia anticipates buying opportunities during intraday dips, with strong support at 21,900 and immediate resistance at 22,300.

Regarding Bank Nifty, it is anticipated to continue its uptrend within the range of 46,300 to 47,400.

Rupak De of LKP Securities highlights the formation of a bullish engulfing pattern on Nifty after two days of weakness.

The positive trend is further supported by Nifty staying above short-term moving averages.

De suggests that if Nifty surpasses 22,200, a rally up to 22,400 may ensue, with a solid support level at 22,000.

Despite market volatility, the overall sentiment remains cautiously optimistic, with analysts pointing towards potential buying opportunities and sustained positive trends in key indices.

Investors are advised to monitor support and resistance levels for informed decision-making in the upcoming trading sessions.

Source:

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Nifty Closed at 22,198; Nifty Prediction for Tomorrow