The pressure on the market due to Russia-Ukraine crisis continued today and for the third consecutive day, Nifty and Sensex closed with a sharp fall. During this week, the market saw a decline of about 2.5%. Selling was seen in all the sector indices of BSE in today’s trading. Along with the giants, pressure was also seen in the midcap, smallcap index. Auto, realty, metal stocks were the biggest losers.
At the end of trading, the Sensex closed at 54,333.81 with a fall of 768.87 points, or 1.40 per cent. On the other hand, Nifty closed at the level of 16245.35, down by 252.70 points or 1.53 percent.
Vinod Nair of Geojit Financial Services Says that Ukraine situation, due to the report of Russian attack on Europe’s largest nuclear power plant, there was heavy selling in global markets today. Due to rising crude oil prices and severe problems in its supply chain, fears have increased that the rate of inflation may exceed the target set by RBI. Even if it is temporary. However, buying in IT and pharma stocks in the domestic market limited the losses.
How can the market move on 07 March
Metaphor Day of LKP Securities Says that after a few days of consolidation on the daily time frame, the Nifty slipped to the downside. Now the possibility of Nifty going down 16,000 in the short term has increased. Support is seen in the range of 16100-16000 for Nifty and resistance is seen at 16,500 level.
Sharekha’s Gaurav Ratnaparkhi Says that amidst heavy volatility, Nifty has been successful in maintaining 16200 on closing basis. The overall structure of the market suggests that Nifty is trading around its multiple support levels. As long as Nifty remains above 16,200 -16,100 on closing basis, there is a possibility of recovery.
Choice Broking’s Palak Kothari Says that Technically Nifty has formed a Bearish candle on Daily Time Frame which is a sign of weakness in this counter. Apart from this, since last 5 weeks Nifty is trading with lower low and lower high formation which is a sign of weakness in coming days.
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Nifty may even break the psychological level of 16,000 in the short term. After this, the level of 15,800-15,700 can be touched, while 16,800 resistance is visible on the upside. On the other hand, there is support for Bank Nifty at 34,000 while resistance is seen at 35,000.
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