Market experts believe that the market is likely to be in a range-bound zone in the near term. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted that FIIs have turned buyers in the cash market this month, signaling a positive market trend.
According to Vijayakumar, the present range-bound consolidation phase is expected to continue due to the absence of strong positive or negative triggers. Deepak Jasani, Head of Retail Research at HDFC Securities, noted that Nifty rebounded on February 27, forming a bull candle and consolidating in a sideways move.
Nifty closed at 22198.4 points, up 0.34 per cent on February 27, after snapping a two-day decline. The index is expected to trade within the 22,075-22,297 band in the near term, with a breach of this range determining its short-term trend.
BSE Sensex is currently trading at 72,542.68 points, down 552.54 points or 0.76 per cent. Stocks like Asian Paints, Powergrid, and Wipro are down more than 1 per cent in the current market scenario. Market analysts are closely monitoring the trends to anticipate the next moves in the market.
