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 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 reasonably positive candle on the daily chart, which swallowed Monday’s small negative candle.
“Technically, this market action signals a bullish engulfing pattern. But, the placement of the pattern does not convince to term this as a major bullish reversal pattern. The near-term bullish status of Nifty remains positive and bullish chart pattern as higher tops and bottoms are also intact. At the same time, the market is not gaining strength to witness an upward break of 22,200 – 22,300 levels decisively,” said Nagaraj Shetti, Chief 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 buying opportunity.
Read also: Indian stock market: 7 key things that changed for the market overnight – Gift Nifty to decline in US consumer confidence
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
The Nifty 50 shifted into a sustainable upward bounce amid 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 remained above the short-term moving average. Overall, the bulls can continue to exert control as the index closed above the previous consolidation,” said Rupak From, Senior Technical Analyst, LKP Securities.
He believes that a decisive move above 22,200 could propel the index for a decent rally to 22,400 soon. Support at the lower end is located at 22,000.
Read also: Indian stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell today – February 28
Bank Nifty Forecast
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) in the daily time frame, where it has encountered immediate support. The battle between the bulls and bears may continue for a few more days or until a decisive breach of the 46,500-47,000 range on a closing basis,” De said.
According to him, a major decline below 46,500 could take the index to 45,500 soon. Conversely, a sustained trade above 47,000 could push the index to 47,700.
Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Perks! From insightful newsletters to real-time stock tracking, breaking news and a personalized news feed – it’s all here, just a click away! Login Now!
Catch all Business News, Market News, Breaking News and Latest News Updates on Live Mint. Check out all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More or less
Published: 28 Feb 2024, 07:30 IST