First Trade: Sensex opens 214 pts higher, Nifty at 22,592

Indian equities in a holiday-shortened week started Thursday's session (February 27) higher. At the open, the 30-share BSE was up 0.29 per cent or 214.21 points at 74,816.33, while the NSE's Nifty50 was up 0.2 per cent or 44.9 points at 22,592.45. The markets were closed yesterday on account of Mahashivratri.

Meanwhile, broader markets traded weak, with  small cap stocks showing more weakness in comparison to midcaps.

Sectorally, bank, financial services and metal indices traded in the green, while all other sectoral gauges traded in the red, with auto, consumer durables and realty indices leading the losses.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, "volatility is likely to be the hallmark as traders roll over their February F&O contracts which expire today.

Worries over tariffs will continue to weigh on domestic stocks with plenty of uncertainties surrounding the timing and the size, while relentless FII selling leaves investors to worry a lot as they fear the brutal sell-off is likely to get worse. On the positive front, WTI oil prices falling towards $69 a barrel provides some cheer in an uncertain global market, he added.

Technicals

Anand James, Chief Market Strategist, Geojit Financial Services on the Nifty outlook said, "Tuesday's bounce back was turned lower from the 22620 vicinity itself, pointing towards the feebleness of the recovery attempt. A parallel consolidation in the last three days does show signs of giving away on the downside. However, RSI having reached 30 just the other day, we are in favour of a better recovery attempt that should try and penetrate the 22620-730 region.

But as maintained all this week, we will wait for 22950 to be conquered, as a confirmation of strength. Downside marker for the day may be placed at 22530, with deeper support seen at 22300, he added.

Also Read: Anil Singhvi's Strategy | Nifty50 strong buy zone at 22,235-22,300  

Asian markets

Most Asian stocks edged lower in Thursday's session as investors larged shrugged off fair earnings from Nvidia. The key MSCI Asia ex Japan index was down 0.66 per cent.