echnically, the market is expected to be rangebound and consolidative as long as it trades below the 22,300 level, with immediate support at the 22,000 mark, experts said, adding that a decisive close above 22,300 can take the Nifty 50 towards the next key resistance area of 22,500 level.
On February 26, the Nifty 50 was down 91 points to 22,122, while the BSE Sensex fell 353 points to 72,790 and formed a small bearish candlestick pattern on the daily charts. The Nifty Midcap 100 and Smallcap 100 indices were under pressure, shedding 0.36 percent and 0.26 percent.
Stocks that bucked the trend on Monday included LIC Housing Finance, Sobha, and PB Fintech. LIC Housing Finance closed at multi-year high of Rs 659, up 2.6 percent and formed a bullish candlestick pattern on the daily charts after several days of consolidation, with above-average volumes. The stock traded above all key moving averages, which is a positive sign.
Sobha ended at a closing high of Rs 1,584, up 8.5 percent after breaking out of the downward sloping resistance trendline, and formed long bullish candlestick pattern on the daily timeframe with above average volumes.
