The market has started the week well. Sensex-Nifty has managed to close in the green mark for the fifth consecutive day. At the end of trading, the Sensex closed at 56,486.02 with a gain of 935.72 points, or 1.68 per cent. On the other hand, Nifty closed at 16,871.30 with a gain of 240.85 points or 1.45 percent. In today’s trade, there was buying in banking, auto and IT stocks, while profit-booking was seen in realty, pharma and metal.
Vinod Nair of Geojit Financial Services Says that the market is seeing an increase once again, the reason for this is that now investors are shifting from Tactical Sell to Tactical Buy. We are once again seeing an increase in investment due to the softening of commodity prices. He further said that the selling of FIIs and the rise of crude has come to a halt. It is expected that due to the diplomatic progress being made in the case of Russia-Ukraine, this process will continue even further. Due to which the Indian market will be seen to perform comparatively better.
He further said that investors all over the world are preparing for a hike in interest rates. WPI has also seen an increase in India but the market did not give it much importance.
Know how the market may move tomorrow
Rahul Sharma of Equity 99 Says that there is a possibility of a lot of volatility in the market this month as well. The market will keep an eye on the US Fed’s policy related to interest rates. Apart from this, the market will also keep an eye on the domestic inflation data. Russia-Ukraine war will also show its effect on the market movement.
He further said that LIC’s IPO will also play an important role in determining the direction of the market in the coming days. Investors are advised to take fresh positions only after the conditions are clear and put a stop loss on their position. Strong support is seen for Nifty at 16,800. If this level breaks in the intraday, then the next support for Nifty will be at 16690 and then at 16,600. On the upside, the first hurdle for Nifty is seen at 17,000. If Nifty breaks this barrier, then the level of 17,100- 17,220 can be seen.
Metaphor Day of LKP Securities Says Nifty has given a breakout from a Falling Channel on Daily Time Frame which is a sign of further upside. Apart from this, Nifty has moved above its previous swing high. This is also a bullish setup. As long as Nifty remains above this channel, the trend will remain positive. On the downside, support is visible for Nifty at 16,650. At the same time, the registration for this is at 17,000.
Ajit Mishra of Religare Broking It is said that on March 15, Nifty will first react to the inflation data. Apart from this, the performance of Russia-Ukraine war and global market will also be monitored. Since Nifty has broken the big barrier of 16800, we can see it going above 17,100. If there is a downside in Nifty, then there is immediate support for it at 16,700. Sectors and stocks need special attention at this time in the market.
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