Post-market comment by Mandar Bhojane, Choice Broking
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below the Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking
On February 28, benchmark indices concluded the trading session on a negative note, with the Nifty slipping below 22,000 amidst widespread selling across various sectors. At the closing bell, the Sensex recorded a decline of 790.34 points or 1.08 percent, settling at 72,304.88, while the Nifty witnessed a dip of 247.10 points or 1.11 percent, closing at 21,951.20.
The Nifty's daily chart exhibited a substantial bearish engulfing pattern accompanied by significant trading volume, indicating profit-taking activities from higher levels and reflecting substantial selling pressure in the market. A breach above the 22,200 level could trigger further upward movements toward 22,400 and 22,500. Conversely, immediate support for the Nifty is identified at 21,800.
A scrutiny of Open Interest (OI) data revealed that the call side displayed the highest OI at 22,000, followed by the 22,300 strike prices. On the put side, the maximum OI was observed at the 21,800 strike price.
All sectoral indices concluded in the negative territory, with the auto, oil & gas, power, and realty sectors experiencing a 2 percent decline each. Additionally, both the BSE Midcap and Smallcap indices witnessed a 2 percent fall
Above views are of the author and not of the website kindly read disclaimer
