Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 23

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Sensex climbed 535.15 points to close at 73,158.24, while the Nifty 50 settled at 22,217.45, up by 162.40 points, or 0.74%. Nifty 50 formed a long bull candle on the daily chart with a long lower shadow. “Technically, this pattern indicates a sharp comeback of bulls after two sessions of weakness.

The up move has negated the bearish implication of the bearish engulfing pattern of Wednesday. The short-term trend of Nifty has turned up sharply after a small decline," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Having breached the recent highs of 22,249, Shetti expects the Nifty 50 to move towards the next upside target of 22,500 - 22,600 levels in one week.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, RBI minutes to Nvidia stock price jump Here’s what to expect from Nifty 50 and Bank Nifty today: Upon scrutinizing the Open Interest (OI) data, the call side revealed the highest OI at 22,400, followed by the 22,500 strike prices. On the put side, the maximum OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking. The Nifty 50 index rallied 162 points to close above 22,200 level on February 22.

It hit a fresh record high during the day, negating the bearish development of the previous session. “The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21-EMA (Exponential Moving Average) before rallying towards higher levels.