Stocks to buy today: MarketSmith India’s top stock picks for 28 February
Subscribe to enjoy similar stories. Nifty 50, India’s benchmark index, ended flat on Thursday, 27 February, in a lacklustre session amid volatility. After opening at 22,568.95, the index traded within a narrow range of 22,500–22,613 before closing flat on the monthly F&O expiry day, forming another Doji candle on the daily chart.
Read this | India's market resilience faces a test as redemptions rise—will investors hold the line? Among sectoral indices, only Nifty Financials, Metal, and Banks managed to stay positive, while the rest ended in the red. The advance-decline ratio remained weak, with decliners outpacing advancers by nearly 5:1. Since breaking below 22,700, the Nifty has moved in a narrow range, between 22,500 and 22,700 for three consecutive sessions.
The 14-day Relative Strength Index (RSI) is trending sideways around 30, indicating weak momentum. Meanwhile, the MACD indicator recently saw a negative crossover below the zero line, reinforcing bearish sentiment. As per O’Neil’s market direction methodology, we downgraded the market status to a Downtrend on Friday, following Nifty’s breach of its recent correction low at 22,725.
A shift to a Rally Attempt would require the index to either close in positive territory or finish in the upper half of the day’s range—and then sustain above its recent low for three sessions. A follow-through day would be needed to confirm a return to an Uptrend. The index continues to trade with a negative bias, with immediate support at 22,500—a level it has defended for three days.
A breakdown below 22,500 could accelerate selling pressure toward 22,000–21,800. On the upside, strong resistance is placed at 22,800, followed by 23,000. Read this | India Inc’s dull earnings outlook
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