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NIFTY50 slips back into consolidation, BANK NIFTY holds 47,000

NIFTY50 slips back into consolidation, BANK NIFTY holds 47,000

Upstox

2 min read • Updated: February 21, 2024, 5:23 PM

Summary

The NIFTY50 has formed a bearish engulfing pattern today on the daily chart. Today’s profit-booking pushed the index back into the consolidation zone below its previous all-time high. Experts believe that today’s high of 22,249 will now act as immediate resistance for the index with support around the 21,800 level.

The NIFTY50 witnessed profit booking at 22,249.

After six consecutive days of gains, the markets reversed course on Wednesday, snapping the winning streak. The NIFTY50 witnessed profit booking at the day's high of 22,249 and closed near the day's low at 22,055, down 0.6%. Similarly, the SENSEX ended the day at 72,623, down 0.5%.

Supporting sectors: Realty (+2.0%), PSU Banks (+0.6%) and Metals (+0.2%) pushed the index higher, with Tata Steel (+2.0%) and SBI (+1.5%) leading the gainers in NIFTY50 pack.

Profit-booking: IT (-1.6%) and Oil and Gas (-1.4%) witnessed profit booking, with BPCL (-3.7%), NTPC (-2.8%) and Wipro (-2.0%) leading the declines.

On the daily chart, the NIFTY50 has formed a bearish engulfing pattern. Today’s profit-booking pushed the index back into the consolidation zone below its previous all-time high. Experts believe that today’s high of 22,249 will now act as immediate resistance for the index with support around the 21,800 level.