Daily Stock Market Report: February 28

Nifty 50 opened barely unchanged with a gap up of 15.75 pts (+0.07%). Despite the index moving sideways for an hour, it swiftly reversed course and experienced a sharp decline.

As the trading day wrapped up, Nifty 50 concluded at 21951.15, with a loss of 247.20 pts or -1.11%.

Key Observations

• Nifty 50 concluded the day near its lows, with a wide-ranged candle, suggesting a slight bearish sentiment in the market.
• The primary support level for the upcoming session is approximately at 21850. Should this level be breached, it could trigger downward pressure on the index.

Spot Signals

Below is the Top Mover from our Live Market Feed:

• BAJAJCARE (+4.45%)
  

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Quant Signals

Under the most popular configuration:

• ‘Quick Short’ ended the day on a positive note with +2.47%.
• While ‘Back Up’ didn’t generate a signal today as it didn’t meet its quantitative metrics.

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Broker Signals

Here is the today's Top position that closed and met its target:

• HDFCAMC (+20.1% in 1 month)
  

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Coming back to the report…

Data Points

The highest CE OI is 22200, and the PE is at 21500 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.

Levels Worth Monitoring Tomorrow

The immediate resistance for the upcoming session is around the 22100 level. If this level is surpassed, Nifty 50 may retest 22250.

On the other hand, support lies at 21850 levels; if this level is breached, 21500 is on the cards.

Disclaimer: The opinions expressed in this blog are personal views and should not be considered financial advice. Please do your own research and consult with a professional before you make any investment decisions.