Home ยป Stock Market Prediction for Nifty & Bank Nifty 29th Feb 2024.

Stock Market Prediction for Nifty & Bank Nifty 29th Feb 2024.

The picture features the daily stock market prediction research for February 29th, 2024.

In Stock Market Today, Nifty falls below 22,000, Sensex drops -790 points; small caps hit hardest.

Stock Market Nifty Chart Prediction.

The picture displays the Nifty Stock Market chart, analyzed in the daily time frame, to forecast market trends on February 29, 2024.

This image provides an enlarged view of the Nifty Stock Market chart, used for predicting market trends on February 29, 2024.
Zoomed Nifty Chart in Daily Time frame.

On February 28, benchmark indices closed lower, with Nifty slipping below 22,000 due to selling across sectors.

Nifty closed at 21,951.20, down by -247.10 points or -1.11 percent,  while the Sensex concluded at 72,304.88, down by -790.34 points or -1.08 percent.

Major losers on the Nifty included Power Grid Corporation, Apollo Hospitals, Eicher Motors, and Maruti Suzuki,
while top gainers were HUL, Infosys, TCS, and Bharti Airtel.

All sectoral indices ended negatively, with auto, oil & gas, power, and realty down by -2 percent each.

Additionally, BSE Midcap and Smallcap indices witnessed a -2 percent decline each.

Stock Prediction for 29th February 2024
.

Prediction For Thursday, NIFTY can go up if it goes above 22,200 or down after the level of 21,830 but all depends upon the Global cues.

Amid significant selling pressure, Nifty experienced a notable downturn, slipping below the 22,000 level, signaling increasing vulnerability. Analysis of the daily chart reveals Nifty’s movement within an upward trend channel. If it falls below 21,830, it may prompt a correction towards 21,500 in the short term. Conversely, resistance for Nifty is anticipated around 22,200-22,300.

Highest Call Writing at
22,200 (1.6 Crores)
Highest Put Writing at
21,830 (95.4 Lakhs)

Nifty Support and Resistance

Support 21,830, 21,500
Resistance
22,200, 22,300

Bank Nifty Daily Chart Prediction.

The picture displays the Bank Nifty Stock Market chart, analyzed in the daily time frame, to forecast market trends on February 29, 2024.

This image provides an enlarged view of the Bank Nifty Stock Market chart, used for predicting market trends on February 29, 2024.
Zoomed Bank Nifty Chart in Daily Time frame.

Prediction For Thursday, Bank NIFTY can go up if it goes above 47,000 or down after the level of 45,760 but it all depends upon the Global cues.

Bank Nifty has broken below the 46,000 level and ended the session at 45,909, indicating weakness. Its important support ranges from 45,760 to 45,480. On the upside, if the market moves higher, it may encounter initial resistance at 47,000, followed by potential gains towards 48,000.

Highest Call Writing at47,000 (56.2 Lakhs)
Highest Put Writing at45,760 (31.1Lakhs)

Bank Nifty Support and Resistance

Support45,760, 45,480
Resistance
47,000, 48,000

Also, learn what a Shooting Star Candlestick Pattern indicates.

Join our Upcoming Webinar on Identifying reversal points with the help of OI/PCR Data. Click Here To Join.

If you’d like to know how we analyze the market and provide accurate levels every day. then click on the Free Demo button below and change your trading life for good. 5X returns are possible in options trading If you have Spider Software in your trading system.

Disclaimer: The information provided in this Blog is for educational purposes only and should not be construed as financial advice. Trading in the stock market involves a significant level of risk and can result in both profits and losses. Spider Software & Team does not guarantee any specific outcome or profit from the use of the information provided in this Blog. It is the sole responsibility of the viewer to evaluate their own financial situation and to make their own decisions regarding any investments or trading strategies based on their individual financial goals, risk tolerance, and investment objectives. Spider Software & Team shall not be liable for any loss or damage, including without limitation any indirect, special, incidental or consequential loss or damage, arising from or in connection with the use of this blog or any information contained herein.

Leave a Reply

Your email address will not be published. Required fields are marked *