Market News
2 min read | Updated on February 28, 2024, 18:06 IST
SUMMARY
Amid the sharp sell-off ahead of the monthly expiry, the NIFTY50 briefly dipped below its 20-day moving average (around 21,950) and closed near it. Experts believe that the index is currently trading in a range of 21,850-22,300. If it breaches its 20 DMA, the next important support will be at the 50 DMA, around 21,700.
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The NIFTY50 has formed a bearish engulfing candle on the daily chart
Markets tumbled over 1% ahead of the monthy expiry of F&O contracts, with the NIFTY50 closing near its day’s low at 21,951 (-1.1%) and the SENSEX settling at 72,304 (-1.0%).
The NIFTY Midcap 100 and Smallcap 100 fell almost 2%, registering their biggest one-day fall since 12 February.
It was a sea of red across sectors today with PSU Bank (-2.3%), Realty (-2.1%), Oil & Gas (-2.0%) and Auto (-2.0%) suffering the biggest losses.
The NIFTY50 has formed a bearish engulfing candle on the daily chart, confirming our morning blog's advice of potentially sharp swings ahead. Despite yesterday's up move, the Volatility Index remained elevated around 16 and today it jumped over 3% to close above 16, further highlighting the potential for increased volatility.
See you tomorrow!
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