Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 26

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 22,221 level as compared to the Nifty futures’ previous close of 22,222.

On Friday, the domestic equity indices traded in a narrow range and ended flat, despite the Nifty 50 touching a new high of 22,297 level during the day.

The Sensex eased 15.44 points to close at 73,142.80, while the Nifty 50 ended 4.75 points, or 0.02%, lower at 22,212.70.

Nifty 50 formed a small negative candle on the daily chart at the new highs. 

“Nifty is currently placed at the previous broken resistance area of 22,200 levels. Having failed to continue with strong upmove at new highs, the market could shift into further consolidation or minor weakness in the next week,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

On the weekly chart, Nifty 50 formed a small positive candle with minor upper and lower shadow, which indicates high wave type candle formation at the swing highs.

Also Read: Indian stock market: 7 key things that changed for market overnight – Gift Nifty, Nikkei’s record high to FPI flows

“But, having shifted into a broader range movement in the last one month, the predictive value of this pattern could be less. The near-term uptrend of Nifty remains intact. Having faced hurdles at 22,250 – 22,300 levels, there is a possibility of a minor dip in the market this week and that could be a buy on dips opportunity,” said Shetti.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 remained range bound and closed flat with a negative bias on February 23.

“Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day’s low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900,” said Rupak De, Senior Technical Analyst, LKP Securities.

He believes as long as Nifty 50 maintains levels above 21,900, the index may continue to be considered a buy on dips.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 26

Bank Nifty Prediction

The Bank Nifty declined 108 points to close at 46,812 on February 23, continuing the downward trend for the third consecutive session.

“The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to him, the immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 26 Feb 2024, 07:29 AM IST