The Sensex-Nifty closed down more than 1 percent today, with this the rally of the last 5 days seemed to stop. In today’s business, selling was seen in all sectors except auto. The market today started on a positive note amid mixed global cues but soon lost all its gains and moved into the negative zone.
Selling pressure was seen increasing in afternoon trade. The reason for this was the ever-increasing cases of COVID-19 in China. Apart from this, there is an atmosphere of uncertainty in the market due to the ongoing war between Russia and Ukraine and the upcoming meeting of the US Fed. Although there was some recovery in the market in the last trading hour, but eventually it closed in the red mark.
At the end of trading, the Sensex closed at 55,776.85, down 709.17 points, or 1.26 per cent. On the other hand, Nifty closed at 16,663.00, down 208.30 points or 1.23 percent.
Vinod Nair of Geojit Financial Services It says that due to the suspension of gas imports as well as new trade and financial sanctions on Russia, equity markets around the world saw a fall today. However, the market was improving for the past few days on hopes of an agreement between Russia and Ukraine. This reform has fallen into disrepair today.
He further said that the Indian markets were performing comparatively better due to the moderation in commodity prices. Meanwhile, before the meeting of the US Fed, markets around the world are seen under pressure. It is expected that the FOMC may announce a hike in interest rates soon.
Know how the market may move tomorrow
Shrikant Chauhan of Kotak Securities It says that as long as the Nifty remains above 16500-16400, there is a possibility of it going up. On the upside, resistance is visible for Nifty at 16,900-16,950. On the other hand, if Nifty slips below 16,400, then this weakness can go towards 16,350-16,300. With the market expected to remain volatile in the coming days, a label based strategy would be the best strategy for day traders.
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Metaphor Day of LKP Securities Lets say Nifty formed a dark cloud cover on Daily chart today. Because it faced resistance around 200DMA on the daily chart. At the lower end, it was seen getting support at the upper band of the falling channel. Looking at this, it seems that as long as the Nifty remains firmly at the level of 16,640, then there is a possibility of it staying strong. On the upside, resistance is visible for Nifty at 16,900-17,000.
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