Indian stock market: A steep selloff led both market indices – Sensex and Nifty – down by over 1% each, on Friday, February 27, as ongoing geopolitical tensions and a sharp surge in crude oil prices weighed on sentiment.
The Sensex tumbled 961 points, or 1.17%, to settle at 81,287.19, while the Nifty 50 dropped 318 points, or 1.25%, to close at 25,178.65.
Stock market next week
Nifty 50
The Indian benchmark index Nifty 50 ended the session on a negative note on Friday, registering a sharp loss of 317 points, or 1.25%, in a single day. The index opened with a mild gap-down of nearly 20 points and subsequently declined steadily towards the 25,300 level.
According to Sumeet Bagadia, Executive Director at Choice Broking, after this fall, it entered a consolidation phase, but in the final half-hour of trade, selling pressure intensified further, pushing the index to an intraday low of 25,141.30. It eventually settled at 25,178, reflecting strong intraday bearish sentiment and late-session profit booking pressure. This price action clearly indicates sustained selling dominance throughout the session.
“On the daily timeframe, Nifty has formed its fourth consecutive red candle and has closed below the 200-day EMA, which reflects a weakening medium-term trend and a shift in overall market structure toward bearishness. From a technical perspective, immediate resistance is seen in the 25,300–25,350 zone, while a strong support base is positioned around 25,000–25,050. In the derivatives. segment, notable put writing was observed at the 25,000 strike, along with aggressive call writing at the 25,400 strike, indicating a well-defined trading range. Traders are advised to remain cautious near key support levels and wait for a decisive breakout above resistance zones before initiating fresh directional positions.
Bank Nifty
Bank Nifty opened the session on a negative note and moved lower, forming an intraday high of 61,086. The decline extended further with a sharp correction, dragging the index to an intraday low of 60,438.95, indicating strong selling pressure and aggressive profit booking. However, the index finally closed at 60,529, registering an overall fall of 658 points, reflecting sustained bearish sentiment and broad-based weakness across banking stocks.
On the Bank Nifty technical outlook, he said, “From a technical perspective, immediate resistance is placed in the 60,800–60,900 zone, while the 60,200–60,300 range continues to act as a crucial support area for maintaining near-term stability. The daily RSI at 50.66 reflects neutral momentum with a mild bearish bias, indicating the absence of strong buying strength. Traders are. advised to remain cautious near critical support levels and wait for a clear breakout above resistance before taking fresh directional bets.”
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, March 2. The three stock picks by Bagadia are – NMDC Steel, Motherson Sumi Wiring India, and NMDC.
1] NMDC SteelBuy at ₹40.57 | Target Price: ₹44.50 | Stop Loss: ₹38.70
2] Motherson Sumi Wiring IndiaBuy at ₹43.20 | Target Price: ₹47.30 | Stop Loss: ₹41
3] NMDCBuy at ₹81.74 | Target Price: ₹88 | Stop Loss: ₹78
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
