Weekly Market Outlook for 26th February to 01st March

Weekly Market Outlook for 26th February to 01st March
Weekly Market Outlook for 26th February to 01st March

by Sachin Gupta Last Updated: Feb 26, 2024 - 12:28 pm 517 Views
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The benchmark index opened positively on Friday session and set a new milestone at 22297.50 but remained sideways throughout the day, settled above 22200 mark while Banknifty dragged lower for the day and closed with 100 points fall at 46811.75 levels. On a weekly basis, it was a volatile week for the indices.

Nifty Today:

The nifty performed positively for the initial two days after that we witnessed further correction in the indices and on the day of weekly expiry, it made a low at 21875 but recovered in the second half and managed to close in green note. On the chart, the nifty has confirmed Ascending Triangle Breakout with the support of 20-days SMA. A momentum indicator RSI above 60 levels with positive crossover on the daily scale. 

The top weekly nifty gainers were M&M, GRASIM ICICIBANK, have contributed almost 4% during the week while top losers were HEROMOTOCO -7.9%, COALINDIA -7.4% & BPCL with -5.2% returns. On the sectoral front, Nifty REALTY, INFRA & FMCG performed well while Nifty PSE, IT & PSUBANK were the prime laggards for the week.                                            

On the derivatives front, the tough fight between bull & bear is at 22200 strike price. While the highest open interest on the put side is at 22000 strike price and on the call option, it is at 22300 strike price that suggest the nifty range from 22100 to 22000 levels for the coming days. FII long-short ratio is at 42% and Client ratio at 54%. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22100 46600 20600
Support 2 22000 46400 20500
Resistance 1 22300 47000 20700
Resistance 2 22380 47200 20770

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About the Author

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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