In Stock Market Today, Nifty falls below 22,000, Sensex drops -790 points; small caps hit hardest.
Stock Market Nifty Chart Prediction.
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.
| STOCK | Good Above | Weak Below |
| CROMPTON | 293 | 289 |
| DABUR | 540 | 535 |
| INDUSTOWER | 244 | 240 |
| TRENT | 3940 | 3885 |
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.
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 at | 47,000 (56.2 Lakhs) |
| Highest Put Writing at | 45,760 (31.1Lakhs) |
Bank Nifty Support and Resistance
| Support | 45,760, 45,480 |
| Resistance | 47,000, 48,000 |
Also, learn what a Shooting Star Candlestick Pattern indicates.
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