Indian markets closed with a weakness of about 1 percent today amid mixed global cues and rising crude oil prices. Let us tell you that there was a good rally in the market last week. At the end of trading, the Sensex closed at 57,292.49, down 571.44 points, or 0.99 per cent. On the other hand, Nifty closed at 17,117.60, down 169.45 points or 0.98 per cent.
Vinod Nair of Geojit Financial Services Selling dominated the Indian markets today after last week’s bullish rally, amid rising crude oil prices due to the escalating conflict between Russia and Ukraine and uncertainty in the Gulf region. Once again the return of buying from the FII side in the Indian market is a good sign. But the rise in crude oil prices and inflationary pressure is acting as a negative factor for the domestic market.
He further said that Accenture’s good results and strong guidance have given strength to Indian IT companies. However, there was some selling in them in the last hours of the trading day.
Also read – Gainers & Losers: Market closed in red mark amidst volatility, these stocks were the biggest movement
How will the market move tomorrow?
Sharekhan’s Gaurav Ratnaparkhi Says that Nifty started with a positive note in today’s trading but the market could not maintain the gains as the trading day progressed. It is clear from the weekly chart that Nifty has reached its 20-week moving average from where it seems to be going into a small consolidation phase. It is trying to fill the gap on the daily chart with the lower end at 16987.
Along with this, Nifty has support at 200-DMA located near 17000. In such a situation, it is expected that any downside coming towards 17000 can force buying in the market. Whereas on closing basis, till the time Nifty does not go below 17000, there will be a possibility of further upside. On the upside, there is a resistance around 17353 for Nifty. If Nifty breaks this level on the upside, then it can be seen going towards 17500 also.
Mohit Nigam of Hem Securities It says that with the good results and strong guidance of Accenture, Indian IT companies can see strength in the short term. On the technical front, Nifty has immediate support at 17,000 and resistance at 17,500. On the other hand, there is immediate support for Bank Nifty at 35,500 level and resistance at 36,500 level.
,