The market saw a decline for the fifth consecutive day today. Weak global cues and weakness dominated the market today ahead of the Federal Reserve meeting. At the end of trading, the Sensex lost 1545.67 points, or 2.62 per cent, to close at 57,491.51. On the other hand, Nifty closed at 17,149.10, down 468.05 points or 2.66 per cent.
Talking on the move of the market, S Ranganathan of LKP Securities said that before the upcoming Fed meeting, weak global cues showed their effect on the market and the market saw a huge fall today. New age technology-based stocks were the biggest victims of these declines. In these, the FIIs had made huge purchases and they have shown heavy stampede only in the event of weakness.
In the afternoon trade today, the volatility index VIX saw a rise of 25 percent. There was all-round selling in the market today, due to which the BSE Sensex slipped below 57000. Nifty has lost 1000 points in previous trading sessions. Investors are preparing themselves for the huge volatility in the market ahead.
How will the market move tomorrow?
Ajit Mishra of Religare Broking He says that there will be huge volatility in the market going forward. Investors are waiting for the results of the Fed meeting. Moreover, pre-budget uncertainties, season of corporate results and monthly expiry will further add to the volatility. In such a situation, traders will have to avoid taking highly leveraged positions and focus on risk management. On the other hand, investors can consider this fall as an opportunity to buy quality stocks at a good price.
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LKP Securities के Rupak De Says that there is a possibility of the index to remain weak going forward. However, a strong trade above 17150 in Nifty can bring a relief rally in the market. On the other hand, if it slips below 17,150 then this fall can go up to 17000.
Amar Ambani of YES Securities Says that the possibility of a fall of 500 points in Nifty cannot be ruled out. But the good thing is that the stock market has become much lighter and fairer due to the correction as the Union Budget nears. Which is giving an opportunity to buy in good stocks at this time. Apart from this, the results of the companies have been good so far. Omicron has also not caused any major damage to the economy. The market structure remains strong. We are confident that Nifty can jump even higher in 2022 than 2021.
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