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The market chaos continued for the 8th straight day and the negativity can be attributed to the relentless selling by the FII camp. The negative takeaway was that although Adani Group shares surged higher in today's trading.The Nifty opened on a flat note and saw sustained selling pressure throughout the day to end the day on a negative note for the eighth straight trading session. The daily lower Bollinger Band is expanding and prices are trading along the lower band, suggesting the decline is likely to continue. . Benchmark indices ended the volatile February 28 session negative, with Nifty hovering around 17,300. At the close, the Sensex was down 326 points, to 58962 and the Nifty was down 88 points, to 17304. Global investor interest in the stock market is flagging due to the economic slowdown led by high inflation and tightening monetary policy. Inflows are diverted to safe havens and corporate earnings growth slows, impacting stock market performance and necessitating a rating downgrade. The dual disadvantage for India is that it is expensive compared to other emerging markets, resulting in underperformance in the global market.

The market is already in an oversold position, but India's high valuation relative to other markets appears to have caught up with investors, who are steadily reducing their long positions. Technically 17325 could be the immediate trigger level for the bulls and above that the same index could rally to 17350 -17400. On the downside, as long as the index trades below 17300 , the corrective wave is likely to continue and it could slip as low as 17275 -17225. The Bank Nifty Index experienced a range-bound trading move and formed a doji candle on the daily chart. Index support is at 39800 and resistance is visible at 40200, a break on either side will result in trend moves. Index within range remains in buy-on-dip mode with support at 39800.

Resistance: 17350, 17400, 17450

Support: 17250, 17200, 17150