Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 28

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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 reasonable positive candle on the daily chart that has engulfed the small negative candle of Monday. “Technically, this market action is signaling a bullish engulfing pattern.

But, the placement of the pattern is not convincing to call this as an important bullish reversal pattern. The near-term uptrend status of Nifty remains positive and bullish chart pattern like higher tops and bottoms are also intact. At the same time, the market is not gaining strength to witness an upside breakout of 22,200 - 22,300 levels decisively," said Nagaraj Shetti, Senior 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 buy-on-dip opportunity. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty to a drop in US consumer confidence Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 shifted into a sustainable upside bounce amidst a 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 stayed above the near-term moving average. Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high," said Rupak De, Senior Technical Analyst, LKP Securities. He believes a decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term.