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Market Overview:
On February 28, the Indian equity benchmark indices witnessed a notable decline of over one percent, primarily driven by selling across all sectors.
The day’s trading session particularly affected small and midcap stocks, resulting in significant losses.
Although the Sensex rebounded from its intraday low of 72,222.29, it concluded the day at 72,304.88, reflecting a decrease of 790.34 points or 1.08 percent.
The Nifty, too, experienced a downturn, closing at 21,951.20, down 247.10 points or 1.11 percent from its previous closing value, with an intraday low of 21,918.85.
Stock and Sector Movements:
In terms of individual stocks, notable decliners in the Nifty included Power Grid Corporation, Apollo Hospitals, Eicher Motors, and Maruti Suzuki.
Conversely, the top gainers comprised HUL, Infosys, TCS, and Bharti Airtel.
The overall market sentiment was reflected in the red closing of all sectoral indices, such as auto, oil and gas, electricity, and realty, each witnessing a 2 percent decline. The BSE midcap and smallcap indices also experienced losses of 2-2 percent.
Analyst Predictions for February 29:
Aditya Gaggar, Director at Progressive Shares, characterized the day’s trading as rangebound, concluding with bears dominating the session, leading to market decline.
The Nifty, after intensifying selling pressure in the latter half of the session, closed at 21,951.15, marking a fall of 247.20 points.
According to Gaggar, a bearish engulfing candlestick pattern indicates short-term weakness in the Nifty. Immediate support is anticipated at 21,820, with resistance at 22,100.
Rupak Dey from LKP Securities highlighted a sharp correction in Nifty during the day, indicating increased weakness as the index dropped below 22,000 points.
Despite this, it managed to close just above the 21EMA on the daily timeframe.
Dey observed Nifty navigating within a rising channel on the daily chart. If Nifty falls below 21,950, a further correction towards 21,800 is expected. Conversely, staying above 21,950 may lead to a level of 22,100.
Conclusion:
The market’s decline on February 28, influenced by broad sectoral losses, sets the stage for a cautiously anticipated market movement on February 29.
Analysts emphasize key support and resistance levels, highlighting potential scenarios for further market dynamics.
Investors and traders are advised to monitor these levels and factor in the prevailing patterns to make informed decisions in the coming sessions.
Source:
Nifty Closed at 21,951; Nifty Prediction for Tomorrow
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