Indian benchmark indices the Sensex and the Nifty hit record highs in the first part of the special trading session on March 2. The first part was marked by a lack of volumes and the Nifty witnessed a sideways trend the 22,380-22,410 range, potentially forming a pattern for the next move.
Experts expect the second half to be sluggish even though the underlying trend remains bullish.
In terms of sectors, automobiles, capital goods, pharma and cement gained significant traction in the session, which has been called to assess the preparedness of NSE and BSE's disaster recovery systems.
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, said, "The Nifty 50 index hit a new all-time high on Friday (previous trading session), triggering fresh upside for March series. This move must exhibit suitability over 22,250, to demonstrate a build of long sentiment."
The first half witnessed a dull session despite the market opening with a gap. The sideways trend in the range of 22,410-22,380 could be a formation for the next move.
"We expect the second half to remain sluggish holding the underlying trend bullish. The next move is expected only over the 22450 mark that could further see an uptick to 22500. A breach of 22380 might see index setting around 22350 level," Bagkar said.
Bank Nifty
The Bank Nifty index has recouped recent losses, closing over the 50-simple moving average (SMA), which implies a move towards the immediate obstacle of 47,500 mark, said Bagkar. "A major breakout is expected over 47,500. Its stability over the same could trigger the next rally to 48000. Failure to do so may cause the index retrace to 46,000," he said.
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