Nifty Prediction Today 28th Feb 2024. Look for Short Trades.

Nifty is making a Reverse Head and Shoulder Pattern indicating a good Bullish move but it takes time as the monthly expiry is close, for now, Nifty may remain sideways taking support at 22,100 and 22,000.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Nifty Previous Day Overview

Nifty Opened -32 points lower on Tuesday, below the support level of 22,100 but was able to manage to make it above the 22,100 level, and continued to move upward slowly taking support at 22,100 multiple times, giving a closing at 22,198, just below the resistance level of 22,200, making an Intraday high of 22,218.

In the Previous day’s trading session IT sector again became the top-performing sector, whereas PSU Banks were the worst-performing sector (money control). In Nifty 50 Tata Motors and TCS gain the most (more than +2.5% each), whereas Jio Fin Services and Hero Motor Corp drags the most.

Also Read: Bank Nifty Prediction Today 28th Feb 2024

Nifty Prediction Today

Looking at the Nfity 50 Chart, we can see that Nifty is forming a symmetrical Triangle pattern on the 15-minute chart indicating a good move in the Upward direction, but we must wait until 29th Feb, as monthly expiry is near, and Nifty may remain sideways or trade lower on these till 29th Feb.

So for Nifty Prediction Today, we expect Nifty to fall a little bit taking support at 22,100 and later retest the support zone of 22,000 as the market is preparing for a big move. Nifty may open slightly lower in today’s trading session, and remain sideways for the whole day.

Hence we wouldn’t suggest you trade in Nifty 50 today if you are an option buyer, as the market is not volatile and suitable for Trading, but you can sell Puts and enjoy the Premium.

Nifty Support and Resistance for Today

Nifty is currently trading at 21,198, just below its resistance level of 22,200, as Nifty wasn’t able to manage to trade above 22,200 but Nifty is testing it again and again, so 22,200 may act as an immediate resistance for today if nifty opens Gap Down.

On a further note, Nifty is Trading at a Trendline, maintaining it as the support level, Hence on the Lower side, Nifty can Take Support at 22,160 (at Trendline), 22,100, and 22,000, and on the upper side the immediate resistance is at 22,200, 22,300, and 22,400.

Here is the OI data of Nifty 50,

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How to Trade in Nifty Today

We are Expecting the Nifty to remain Sideways or trade a little bit lower today, taking support at 22,100 as the February Month Expiry is on the Next day. Hence we are not expecting any upward move as there might be some correction in stocks, dragging the index lower.

So, here is our trading setup for today,

If the Nifty opens flat or above 22,200, then we can wait for Nifty to get rejected from the upper level and then go for a short trade till 22,100.

If Nifty Opens Gap Down and Index Heavyweights are weak then we can look for short trading opportunities.

And, if Nifty opens Gapup and takes support at 22,200 and bounces back to the upper side then we can leave the trade for today in Nifty as Today is the Bank Nifty Expiry, and there might be some corrections in Bank Nifty.

Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the data after analyzing the Market.

Happy Trading 🙂