29-02-2024 05:52 PM | Source: Choice Broking
Pre-market comment: Closing Market Summary 29th Feb 2024 by Deven Mehata, Choice Broking Ltd

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 Today, the Sensex and Nifty, primary equity benchmarks, exhibited volatility amid the monthly expiry. Nifty fluctuated within the range of 21850-22050. In contrast, Banknifty displayed resilience, navigating volatility to close above 46000 levels. The session reflected mixed market dynamics, particularly in the banking sector, highlighting the significance of today's monthly expiry.

The market has traded Positive with the Sensex gaining 0.27 percent and closed at 72500.30 and Nifty was positive by 0.14 percent intraday and closed at 21982.80 levels, also Bank Nifty closed positive, up by 0.34 percent and settled at 46120.90.

Among sectors Nifty PSU BANK, Nifty METAL and Nifty PVT BANK ended in green while Nifty MEDIA and Nifty HEALTHCARE ended on the lower side. In Nifty stocks, ADANI ENTERPRIS, INDUSINDBK and ADANI PORTS were the top gainers while APOLLO HOSPITAL, BAJAJ AUTO and LTIMINDTREE were the prime laggards.

INDIA VIX was Negative by 4.64 percent intraday and settled at 15.5725.

Index has a support around 21900-21850 zone.  Coming to the OI Data, on the call side, the highest OI observed at 22000 strike prices while on the put side, the highest OI is at 22000 strike price which suggest sideways movement in the next week. On the other hand, Bank nifty has support at 45650-45500 while resistance is placed at 46300 which is also close to its 20 Day EMA levels and 46650 levels.


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