Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 27 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Thursday, tracking mixed cues from global markets.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 22,585 level, a premium of nearly 3 points from the Nifty futures’ previous close.

Markets were closed on Wednesday on account of Mahashivratri.

On Tuesday, the Indian stock market ended mixed, with the Sensex snapping its five-day losing streak and the Nifty 50 extending losses to the sixth consecutive session.

The Sensex gained 147.71 points, or 0.20%, to close at 74,602.12, while the Nifty 50 settled 5.80 points, or 0.03%, lower at 22,547.55.

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

Sensex Prediction

The market registered range-bound activity throughout the day and the Sensex closed with gains of 148 points on Tuesday, forming a small candle on daily charts, and witnessing non-directional activity on intraday charts.

“We are of the view that, current market texture is non-directional, perhaps as traders are waiting for a breakout on either side. On the higher side, 74,800 would be the immediate breakout level for the bulls. Above this level, Sensex could move up to 75,000 – 75,350. Conversely, below 74,500, selling pressure is likely to accelerate. Below the same, the Sensex could slip to 74,200 – 74,000,” said Shrikant Chouhan, Head-Equity Research, Kotak Securities.

Given the non-directional texture of the current market, level-based trading would be the ideal strategy for day traders, he added.

Nifty 50 Prediction

Nifty 50 continued to show choppy movement on February 25 and closed the day lower by 5 points amidst range movement.

“A small green candle was formed on the daily chart with a long upper shadow. Technically, the market action of Tuesday indicates a formation of inverted hammer type candle pattern (not a classical one). Technically the formation of inverted hammer after a reasonable decline or near the supports signal chances of comeback of bulls from the lows after confirmation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

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He believes the underlying trend of Nifty 50 remains choppy and formation of bullish candle pattern on Tuesday and slowing down of selling momentum near the supports of 22,450 (20-month EMA) signal chances of an upside bounce from the lows in the short term.

Om Mehra, Technical Analyst, SAMCO Securities said that the broader market trend remains bearish, as reflected in the daily and weekly charts.

“Notably, the Fibonacci retracement of 127.8% supports Nifty’s crucial level of 22,500, which has held firm so far. A breakdown below this zone could intensify selling pressure, with the next support levels placed at 22,320 and 22,250. On the upside, resistance stands at 22,800, and a decisive move beyond this level would be crucial to establishing a meaningful pullback,” said Mehra.

VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty 50 formed an Inverted Hammer candlestick pattern during Tuesday’s market session, signaling potential buying pressure in the broader market.

“Considering these ongoing developments, Nifty 50 is expected to find support near 22,350 and 22,200 and face resistance near 22,640 and 22,730. Notably, the market still shows a weak bias, so investors should exercise caution in this downtrend,” Ambala said.

Bank Nifty Prediction

Bank Nifty ended the session at 48,608.35, registering a decline of 43.60 points, or 0.09%, forming a Doji candle for the second consecutive session, reflecting uncertainty and a lack of clear trend.

“Bank Nifty continues to trade below all key moving averages, indicating persistent weakness. However, it remains near the lower Bollinger Band, suggesting the possibility of a mean reversion towards the middle band, which is positioned around 49,050. Nonetheless, if the critical support level of 48,400 is breached, the Bank Nifty index could witness further downside, potentially extending losses towards 48,200,” said Om Mehra.

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.