Daily Market Commentary - Feb 25, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst, BONANZA PORTFOLIO LTD

Smart recovery was witnessed in today's session on the back of positive global cues as Nifty closed just above 16,650. All the sectoral indices ended in the green with PSU Bank, power, metal, and realty indices up 4-6 percent. BSE midcap and small-cap indices rose 4 percent each.

The Index started off with a gap-up opening of more than 300 points and thereon added some momentum. A sideways trading session was witnessed almost throughout the day with no new follow-up buying witnessed. On the daily charts, it is trading below its 200 Day EMA which is placed at 16,680 which should act as an important level. Moreover, the structure of the index has turned negative and has been giving signs since the last many trading sessions with the downward sloping trendline acting as good resistance. Going ahead 16850 should be taken out on a closing basis for more possible upside till 17000 levels. On the downside, if the index starts trading below 16400 levels we may revisit 16200 levels and even further to 16,000.

Global markets took a breather as the fresh US sanctions did not target Russia's oil exports nor their access to the Swift global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war.

Coal India, Tata Motors, Tata Steel, Adani Ports, and IndusInd Bank were among the top gainers on the Nifty, while losers included Britannia Industries, Nestle India, and HUL.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex