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Live: Nifty poised for gap up open as Q3 GDP growth of 8.4% smashes estimates| Auto sales data today

Indian equity market is expected to open higher on the back of blowout GDP data for the third quarter. However, analysts believe market will remain rangebound as long as it trades below 22,200 as closing decisively above the same can raise some hope for another leg of northward journey in the Nifty 50 in coming sessions. On the lower side, the 21,950 level (which coincides with 21-day EMA -exponential moving average) is expected to act as an immediate support for the index, followed by 21,850 which coincides with upward sloping support trendline, they added. The index defended both these supports on closing basis, which is a positive sign. On February 29, the benchmark indices remained volatile and gained strength in late trade. The BSE Sensex climbed 195 points to 72,500, while the Nifty 50 was down 32 points to close at 21,983 on the expiry day for February futures & options contracts. This morning global cues are positive and the GIFT Nifty is signalling a higher start for the Indian market. Watch out for auto stocks as February sales figures are due today. Catch Nandita Khemka as she decodes the GDP fineprint with Mayank Jha, Senior Economist, HDFC Bank and takes stock of the market cues with Gaurang Shah, Senior Vice President, Geojit Financial Services and Raja Venkatraman, Co-Founder NeoTrader.

first published: Mar 1, 2024 09:04 am