Stocks to trade today: Raja Venkatraman picks three stocks for 27 February
Subscribe to enjoy similar stories. The Sensex broke its five-day losing trend on Tuesday and ended slightly higher, primarily due to gains in financial and telecom stocks. However, the oil & gas and IT sectors continued to face downward pressure.
The Nifty IT index struggled to find direction and ended the day flat. The market had opened cautiously as investors assessed the renewed global uncertainties surrounding US tariffs. Global market sentiment remained negatively impacted as the trade war initiated by President Donald Trump and his renewed stance on tariffs against Canada and Mexico continue to haunt investors worldwide.
At close, the Sensex gained 147 points, or 0.2%, reaching 74,602, while the Nifty dropped 27 points, or 0.1% to 22,526. Despite the slight recovery, both indices remained nearly 14% below their record highs from late September and are headed for their fifth consecutive month of losses—the longest streak since 1996. On the NSE, 958 stocks gained and 1,642 declined.
Currently, leveraged positions (long) are shed, and some shorts are also in place. The recent fall is heading towards 22400, which we highlighted as the next set of supports. At the moment, it's advisable to trade light as the trends are not favouring the upward bias.
Investors are much quicker to create fresh longs than fresh shorts, as a norm. The bears are firmly in control and are keeping the selling pressure in full steam. With momentum witnessing a steady acceleration of the bearish trends, any intraday rally that we shall witness now could attract more sell-off on rallies to higher levels.
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