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Technical View | Nifty forms large bullish candle, strength confirmation seen only above 17,000

The rally was supported by metals, FMCG, IT shares and Reliance Industries. Selling pressure on banks and auto stocks, however, capped the upside

February 28, 2022 / 05:17 PM IST

The Nifty pared losses and gained strength in the last hour of trade to close higher on February 28, as reports of Russia and Ukraine talks lifted the market sentiment.

The Nifty opened lower at 16,482 and slipped to 16,356 in the morning trade but started recovering after a few hours. The rally was seen in the last hour helped the index close at 16,794, up 135 points.

As the index closed way above its opening levels, it formed a large bullish candle on the daily chart. Reports of Russia-Ukraine talks seem to have strengthened the bulls but it will continue only if the index decisively crosses its 200-day simple moving average as well as the crucial 17,000-mark in coming sessions, experts said.

Volatility remained high. India VIX, the fear index, was up 6.84 percent to 28.57 levels. It has to cool below the 20 mark to support the strength seen in the last two sessions, experts said.