Bad global cues have spoiled the mood of the market. In today’s trading, Nifty 532 and Sensex closed down by 1700 points. Heavy selling has been seen in banking, realty, auto and metal stocks. ICICI BANK, HDFC TWINS and KOTAK MAHINDRA BANK have created pressure.
Tensions between Russia and Ukraine have escalated. The US Secretary of State has claimed that Russia may attack Ukraine on February 16. Russia has prepared one lakh 30 thousand soldiers around Ukraine. Threats of Ukraine crisis are also being heard on Indian markets. With the fall in the market, there is also a boil in crude oil.
On the first day of the trading week, the market closed on a steep decline. Nifty has seen a major intra-day decline for 10 months. Nifty has seen the biggest intra-day fall since April 12, 2021. For the first time this year, Nifty has fallen more than 500 points. All sector indices of BSE have seen a decline. There has also been a selloff in midcap and smallcap stocks.
Vinod Nair of Geojit Financial Services says that due to the rising tension between the US and Russia on the issue of Ukraine, crude oil prices have come to a boil. Along with this, investors are trying to avoid riskier asset classes. Apart from this, the emergency meeting of the US Fed has increased the fear of tightening monetary policies in America soon, due to which there has been heavy pressure on the market. Talking about the domestic market, the wholesale inflation rate has come down to 12.96 percent from 13.56 percent in December with a slight decline. However, despite the fall in fuel and energy rates, it has remained at a very high rate.
Also read- India VIX jumped by more than 20% amid escalation of Ukraine-Russia tension, know what is the opinion of experts on this huge upheaval in the market
How will the market move tomorrow?
Santosh Meena of Swastika Investmart says that Nifty has reached close to its 200 DMA of 16800, which is also acting as an important support for it. If Nifty manages to stay above 16800, then we may see a bounce back. On the other hand, if it slips below this level, then we can see this weakness going up to 16450-16000. On the upside, the first resistance is seen for Nifty at 17,100 and then at 17,350-17,500. Short term traders are advised to keep an eye on the 16800 level. On the other hand, long term investors should look for buying opportunities in quality stocks in the current downtrend.
Rahul Sharma of Equity99 says in view of the huge volatility in the market at the current level, investors are advised to adopt the strategy of buying good stocks in the fall with stoploss but fixing their position to maintain adequate liquidity. Do it. There is strong support for Nifty at 16745, if Nifty breaks this level on the downside, then we can also see the level of 16620-16500. On the upside, there is a resistance for Nifty at 16900. If Nifty breaks above this level, then we can also see the level of 17070 and 17200 in this.
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