Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 27
Sensex dropped 352.67 points to close at 72,790.13, while the Nifty 50 declined 90.65 points, or 0.41%, to settle at 22,122.05. Nifty 50 formed a small negative candle on the daily chart, which indicates follow-through weakness post new high formation. “The market is still placed in a broader range movement and one may expect buying to emerge from the lower levels.
Positive chart pattern like higher tops and bottoms are intact and present weakness could be in line with a new higher bottom formation. Hence, the Nifty is expected to find strong support around 21,900 - 21,850 levels. On the upper side, the area of 22,200 - 22,300 is likely to be a strong hurdle for the markets ahead," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Shetti believes the near-term uptrend of Nifty remains intact. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, rise in oil prices to Bitcoin rally “Having faced hurdles at 22,250 - 22,300 levels, there is a possibility of a minor dip in the market and that could be a buy on dips opportunity," he said. Here’s what to expect from Nifty 50 and Bank Nifty today: Upon analyzing the Open Interest (OI) data, the call side showed the highest OI at 22,300, followed by the 22,500 strike prices.
On the put side, the maximum OI was observed at the 22,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking. The Nifty 50 index continued with a weak trend amidst range movement on February 26 and closed the day lower by 90 points. “The index has slipped below the support of 22,200 and closed below it.
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