Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 1

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Sensex gained 195.42 points, or 0.27%, to close at 72,500.30, while the Nifty 50 settled 31.65 points, or 0.14%, higher at 21,982.80. Nifty formed a small positive candle on the daily chart with upper and lower shadow.

“Technically, this pattern indicates a formation of high wave type candle pattern, which is signaling ongoing high volatility at the lows. Formation of such a pattern after a few sessions of decline indicates possible comeback of bulls from the lows," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Nifty 50 is currently placed at the support of ascending trend line around 21,850 levels. The positive chart pattern like higher tops and bottoms remains intact on the daily chart and currently Nifty is in the process of forming a new higher bottom of the sequence, he added.

Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US inflation to India’s Q3 GDP data “Confirmation by sustainable upside bounce in the subsequent session is required to call this market action as a short-term higher bottom reversal pattern," Shetti said. Here’s what to expect from Nifty 50 and Bank Nifty today: Analysing the Nifty Open Interest (OI) Data, on the call side, the highest OI observed at 22,000 strike prices while on the put side, the highest OI is at 22,000 strike price which suggest sideways movement in the next week, said Deven Mehata, Research Analyst at Choice Broking.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Nifty 50 shifted into high volatility with positive bias on February 29 and closed the day higher by 31 points. “The Nifty experienced