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

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,195 level, a premium of more than 30 points from Nifty futures’ previous close.

On Thursday, the benchmark equity indices ended the choppy session higher amid the monthly F&O expiry.

The 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:

Nifty OI Data

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.

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Nifty 50 Prediction

Nifty 50 shifted into high volatility with positive bias on February 29 and closed the day higher by 31 points.

“The Nifty experienced volatility on the day of monthly expiry before ultimately closing flat. On the daily chart, the index concluded just above the 21-day Exponential Moving Average (21-EMA). However, the prevailing sentiment appears somewhat negative from the current level,” said Rupak De, Senior Technical Analyst, LKP Securities.

At the lower end, he believes, the crucial support is positioned at 21,950; as long as the index maintains a position above 21,950, there is a possibility of witnessing a recovery. 

Nevertheless, a decline below 21,950 could potentially lead the index towards 21,800, he added.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 1

Bank Nifty Prediction

The Bank Nifty index bounced back on February 29 and closed 158 points higher at 46,121.

“The Bank Nifty bulls displayed strength by defending the crucial support level of 46,000, resulting in a close above it and signaling active bullish activity at lower levels. Nonetheless, the index is currently encountering significant resistance at 46,500, and a decisive breach above this level is anticipated to trigger additional short-covering, potentially pushing the index towards the 47,000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, the confirmation of a bottom formation in the index would require sustained trading above 46,000 over several sessions.

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: 01 Mar 2024, 07:29 AM IST