In the week ending March 04, the market was dominated by bears for the fourth consecutive week. The escalating war between Ukraine and Russia and the pain of a boil in crude oil dominated the market last week. Weak GDP data for the third quarter and auto sales figures for the month of February also put pressure on the market. For the week ended March 4, the Nifty fell 2.5 per cent 413 points to close at 16,245, the lowest closing level since August 6.
Nifty has formed a bearish candle on the weekly scale. Market experts say that looking at the current market conditions, it seems that Nifty can slip below 16000 in the short term. In such a situation, there will be a good opportunity for investors to buy in the market.
Angel One’s Sameet Chavan says that the biggest reason for the decline of the market is the Russia-Ukraine war. Until a solution to this problem is found, the market will continue to react to the news related to this fight and will keep going up and down. We should be prepared for volatility in the market. The market can see huge volatility on both sides. Situations can get complicated in a fight like this. We are seeing clear signs of weakness on the weekly time frame.
From the point of view of investors, this is a better opportunity to invest money in good stocks that are available cheaply. But traders would be advised to avoid taking risks in the market, it cannot be said that the bad phase has passed. Nifty can go below 16,000 in the near term. But it will not go below 15,500–15,200 either.
Will keep an eye on the global conditions going forward in the market. As far as key levels are concerned, there is an immediate support for Nifty at 16,000-15,900. At the same time, on the upside, there is a big resistance for it at 16,450 and 16,600.
Top 10 trading calls suggested by veterans, which can generate huge earnings in 3-4 weeks
Top Picks by Shrikant Chauhan of Kotak Securities
Hindalco Industries: Buy , LTP: 583.80 | Buy this stock with a stop loss of Rs.550 and target of Rs.660. It can give 13% return in 3-4 weeks.
Jindal Steel and Power: Buy | LTP: 435.75 | Buy this stock with a stop loss of Rs.420, target of Rs.470-500. It can give 15% return in 3-4 weeks.
ACC: Sell , LTP: Rs 2,010.55 | Sell this stock with a stop loss of Rs 2,050 and target Rs 1,900-1,850. It can give 8% return in 3-4 weeks.
Top Picks of Vinay Rajani of HDFC Securities
Wipro: Buy | LTP: Rs 575.30 | Buy this stock with a stop loss of Rs 555 and target of Rs 610. It can give 6% return in 3-4 weeks.
Larsen & Toubro: Sell , LTP: Rs 1,711.75 | Sell this stock with a stop loss of Rs 1,765 and target Rs 1,625. It can give 5% return in 3-4 weeks.
This amazing multibagger penny stock made investors rich, increased by Rs 1 lakh to 2 crores in 6 years
Shriram Transport Finance: Sell | LTP: Rs 1,089.15 | Sell this stock with a stop loss of Rs 1,125 and target Rs 1,010. It can give 7 percent return in 3-4 weeks.
Top picks of Ruchit Jain of 5paisa.com
Bajaj Finance: Sell , LTP: Rs 6,537.90 | Sell this stock with a stop loss of Rs 6,725 and target Rs 6,300. It can give 4% return in 3-4 weeks.
ITC: Buy , LTP: Rs 225.50 | Buy this stock with a stop loss of Rs 210 for a target of Rs 242-250. It can give 11% return in 3-4 weeks.
Short Term Picks of Aastha Jain of Hem Securities
Birlasoft: Buy , LTP: Rs 437.95 | Buy Birla Soft with stop loss of Rs 380, target of Rs 485-510. It can give 16 per cent returns in 3-4 weeks.
Tips Industries: Buy , LTP: Rs 2,090.60 | Buy TIPS Industries with a stop loss of Rs 1800 and target Rs 2,450-2,610. It can give 25% return in 3-4 weeks.
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