Nifty closes at day's low on profit booking

by IANS |

Mumbai, Feb 23 (IANS) Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking on Friday, said Rupak De, Senior Technical Analyst at LKP Securities.

The Nifty 50 closed at 22,212.70 on Thursday, down 4.75 points or 0.02 per cent, while the Sensex ended flat by 15.44 points lower or 0.02 per cent at 73,142.80.

However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips, De said.

Vinod Nair, Head of Research at Geojit Financial Services, said the domestic market paused momentarily on Friday after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services.

As the earnings season winds down, the market is eagerly awaiting new catalysts. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs, Nair said.

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