Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 28

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weakness in global markets.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,542 level, a discount of nearly 141 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market ended choppy session flat, with the broader markets, midcap and smallcap indices, underperforming the frontline indices.

The Sensex gained 10.31 points, or 0.01%, to close at 74,612.43, while the Nifty 50 settled 2.50 points, or 0.01%, higher at 22,545.05.

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

Sensex Prediction

Sensex continued to exhibit a range-bound trend on Thursday and closed up by 10 points at 74,612.43.

“Technically, after a muted opening, the Sensex hovered throughout the day within the range of 74,500 to 74,800. Additionally, the non-directional intraday activity and the small bearish candle on the daily charts indicate further consolidation. We believe that 74,800 will serve as a key resistance zone for short-term traders; above this level, a pullback could continue up to 75,000 – 75,300,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Conversely, a fresh sell-off is likely only after a breach of 74,500; and below this level, the Sensex could slide down to 74,200 – 74,000, he added.

Nifty OI Data

Nifty Open Interest (OI) data shows the highest OI on the call side at the 22,600 and 22,700 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 22,500 strike price, marking it as a key support level, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 continued to show choppy movement on February 27 and closed the day lower by 02 points amidst range bound action.

“A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action signals a formation of high wave type candle pattern at the swing lows. Having formed this amidst range movement hence the predictability of the pattern could be less,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 continues to be weak with range bound movement.

“Nifty 50 is expected to slide down to the immediate support of around 22,400 levels (20-month EMA) in the short term. Immediate resistance is placed at 22,625 levels,” Shetti said.

Om Mehra, Technical Analyst, SAMCO Securities, noted that over the last three sessions, Nifty 50 has been oscillating within a narrow band of 160-170 points, fluctuating between 22,508 and 22,668, reflecting a consolidation phase.

“On the daily chart, a Doji formation highlights indecisiveness. Nifty 50 would remain directionless until a decisive breakout occurs beyond the 22,500 – 22,700 range. Meanwhile, the daily RSI has slipped below 30, entering oversold territory. A breakdown below 22,500 could accelerate the decline toward 22,350, followed by 22,270. However, this appears to be more of a time than a price correction,” said Mehra.

In such conditions, he believes, attempting to catch the bottom may prove premature unless a reversal is confirmed with additional confluence.

VLA Ambala, Co-Founder of Stock Market Today, highlighted that the Nifty 50 index closed in the red zone for the fifth consecutive month, falling almost 13% from its peak.

“Technically, Nifty formed a Doji candlestick pattern during Thursday’s session, while RSI was positioned at 29 on the daily chart, 37 weekly, and 55 monthly. Nifty 50 is currently away from its 20-month EMA (Exponential Moving Average), suggesting that further correction could happen. However, Nifty 50 could hover near support at 22,500 and 22,360 whereas resistance can be expected near 22,670 and 22,710,” Ambala said.

Bank Nifty Prediction

Bank Nifty index outperformed the frontliners and ended with gains of 135.45 points, or 0.28%, at 48,743.80 on Thursday.

“The Bank Nifty index remains directionless, as the frequent emergence of Doji candlesticks on the daily chart reflects indecision. The broader trend continues to exhibit a pattern of lower highs and lower lows, indicating underlying weakness. The 9 EMA, currently positioned at 49,100, acts as immediate resistance, capping any upside attempts. On the downside, support stands at 48,280, and a breach of this level could accelerate the decline toward 48,000,” said Om Mehra.

Meanwhile, the MACD remains skewed to the downside, and the ongoing mean reversion lacks additional confirmation. This phase of consolidation and uncertainty may extend over the next few sessions, he added.

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 making any investment decisions.