Nifty and Banknifty Analysis for 28 February 2023

The Indian stock market had been going through some instability as of February 27, 2023. The stock market has been volatile, moving with high levels of uncertainty due to a number of economic and political events in recent months. In this article, we will provide an analysis of the Nifty and Banknifty indices for February 28, 2023. For Detailed Trading level watch our video attached below

Nifty Analysis

The Nifty fell 0.42% from the day before to settle at 17,392.70 on February 27, 2023. Nifty index opened lower at 17,428.60, signalling a bearish trend. The Nifty has also been exhibiting weakness recently, as has the market as a whole. After a small gap down opening, nifty took further dip and went -160 points during day. Today It was 8^th consecutive red day for Nifty.

Tomorrow is monthly closing session and today Nifty showed a great rebound from lower levels and we expect a positive session tomorrow where nifty can hit 17500 levels.

The support and resistance levels for the Nifty for February 28, 2023, are as follows:

Support Levels

S1: 17,310

S2: 17,270

S3: 17200

Resistance Level

R1: 17,462

R2: 17,530

R3: 17609

Banknifty Analysis

On 27 February Banknifty opened slightly negative but after that it was quite strong as compared nifty and Banknifty closed at 40307, up 1%.

Banknifty made a low of 39745 but it didn’t go below the budget day low and took strong support from lower levels. Banknifty is having strong support and we expect a positive session tomorrow.

Support Levels

S1: 39,910

S2: 39,710

S3: 39,510

Resistance Level

R1: 40,540

R2: 40,655

R3: 40,800

R4: 41080

Please watch our video for intraday trade setups