Daily Markets Wrap - Feb 27, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty fell for the seventh straight session on Feb 27 pulled down by weak Asian cues. Nifty in the process made a double bottom and a "W" pattern on an intra day basis after recovering post 1310 Hrs. At close, Nifty was down 0.42% or 73.1 points at 17392.7. Volumes on the NSE continued to be on the lower side. Broad market indices fell more than Nifty even as the advance decline ratio fell to 0.30:1.

Shares fell Monday in Asia after US indices closed out their worst week since early December. However European markets pushed higher early Monday, as traders come to terms with central bank policy that may remain restrictive for longer than thought on both sides of the Atlantic.

Nifty has given the first hint of short term reversal on Feb 27 and we could see a positive close on Feb 28, unless US markets continue their downmove. Nifty has also taken support from around its 200 DMA of 17368. It has also filled the upgap made on Oct 18. A high wave type of candle after a fall suggests that a reversal of the current trend could happen soon. Nifty could stay in the 17299-17517 band for the near term.

Source : Equity Bulls

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