Market Outlook for 28 February 2024

Ruchit Jain

Last Updated: 28th February 2024 - 10:05 am

The indices continued to trade within a narrow range in the February series expiry week. Nifty witnessed a marginal upmove led by some of the heavyweights and thus it ended around 22200 mark, but Bank Nifty ended on a flat note with no signs of directional move.

Nifty Today:

Nifty has traded within a narrow range in last couple of trading sessions while there has been stock specific momentum on both the sides of the trade. The options data indicates a trading range of 22000-22300 for next couple of trading sessions as high open interest in options of strike prices. Also technically, the 20 DEMA is placed around 21960 which becomes an important support. Only a breakout beyond this range and unwinding of open interest will lead to a directional move before expiry, else we should continue to consolidate. Traders are advised to trade with a stock specific approach and look for stock outperforming in this range bound market.

22000-22300 seen as immediate trading range

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	Nifty Levels	Bank Nifty Levels	FINNIFTY Levels
Support 1	22040	46360	20470
Support 2	21980	46150	20400
Resistance 1	22300	46770	20670
Resistance 2	22380	46970	20720

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