Synopsis
On February 27, the Indian benchmark indices began the trading day flat, with the Nifty above 22,500, amidst mixed global cues and early buying in financial services and metal sectors. Key support levels are identified at 22,500 and potential resistances at 22,700.Key Takeaways
- Indian benchmark indices opened flat.
- Nifty trades above 22,500.
- Financial services and metal sectors saw early buying.
- Support levels for Nifty at 22,500.
- Top gainers include Bajaj Finance and IndusInd Bank.
Mumbai, Feb 27 (NationPress) The Indian benchmark indices commenced the trading day nearly flat on Thursday, influenced by mixed global indicators, with notable buying activity observed in the financial services and metal sectors during the early session.
As of approximately 9:31 am, the Sensex was up by 9.44 points or 0.01 percent, reaching 74,592.68, while the Nifty increased by 6.30 points or 0.03 percent, settling at 22,553.85.
The Nifty Bank index rose by 218.90 points or 0.45 percent to 48,827.25. The Nifty Midcap 100 index was recorded at 49,643, down by 59.15 points or 0.12 percent. The Nifty Smallcap 100 index fell to 15,354.50, dropping 54.10 points or 0.35 percent.
Experts suggest that following the flat to slightly positive opening, the Nifty may find support at 22,500, followed by 22,400 and 22,300. On the upside, 22,700 could serve as an immediate resistance, followed by 22,800 and 22,900.
According to Hardik Matalia, Derivative Analyst at Choice Broking, the Bank Nifty charts indicate potential support at 48,500, then 48,200 and 47,900. Should the index progress further, 48,800 would be the first key resistance, followed by 49,200 and 49,500.
In the Sensex collection, stocks like Bajaj Finance, IndusInd Bank, Bajaj Finserv, M&M, Tata Steel, HDFC Bank, Zomato, Sun Pharma, ICICI Bank, and Bharti Airtel emerged as top gainers. Conversely, UltraTech Cement, Tech Mahindra, Asian Paints, Infosys, Axis Bank, and Hindustan Unilever Limited were the principal losers.
In the previous trading session, the Dow Jones fell by 0.43 percent, closing at 43,433.12. The S&P 500 edged up by 0.01 percent to 5,956.06, while the Nasdaq increased by 0.26 percent, finishing at 19,075.26.
Asian markets displayed a mixed performance, with Seoul, China, Jakarta, and Hong Kong trading lower, while Bangkok and Japan were in positive territory.
Foreign institutional investors (FIIs) continued to sell for the fifth consecutive day, offloading equities worth Rs 3,529.10 crore on February 25. In contrast, domestic institutional investors (DIIs) purchased equities valued at Rs 3,030.78 crore on the same day.
Tuesday's recovery attempt faced resistance near the 22,620 mark, indicating weakness in the uptrend. A consolidation phase over the last three days hints at a possible downturn, according to Anand James, Chief Market Strategist at Geojit Financial Services.
He added, "We will monitor for a breakthrough at 22,950 as a sign of strength; the downside threshold for today is 22,530, with stronger support seen at 22,300."
