In the midst of the Russia-Ukraine crisis, there has been a sell-off in the market today on the weekly expiry. Sensex 366 and Nifty 108 points closed in today’s trading. Auto, banking, consumer durables stocks declined. On the other hand, the market got some support from metal, power, IT, oil and gas. Midcap, small cap stocks were also selling today.
In today’s trade, 32 out of 50 stocks of Nifty were sold. On the other hand, 20 out of 30 stocks of Sensex were selling while 11 out of 12 stocks of Nifty Bank saw selling.
At the end of trading, the Sensex closed at 55,102.68, down 366.22 points or 0.66 per cent. While the Nifty lost 107.90 points or 0.65 per cent to close at 16,498.05.
Vinod Nair of Geojit Financial Services It is said that the trend of lethargy continued in the domestic market. However, today the volatility has decreased. Today, more pressure was seen in the giant stocks than in the small-medium stocks. He further said that further softening of crude oil prices is expected with India and other countries releasing oil supplies from their strategic reserves and OPEC increasing production. Apart from this, now the eyes of the Indian market will be on the results of the state elections and their exit polls. Along with this, the market will keep an eye on global cues, tensions in Eastern Europe, news related to the meeting of Bank of England and US Fed.
Know how the market may behave on March 4
Metaphor Day of LKP Securities It is said that after the volatile trading session, the Nifty has closed with a decline. On the downside, support is now visible for it at 16,450, while on the upper side, the resistance remains at 16,700. A bearish candle after the doji is indicating a negative setup in the market.
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Sharekhan’s Gaurav Ratnaparkhi Lets say that on March 2, Nifty had formed a popgun pattern on the Lower Bollinger Bad in the period chart. This time the index took an upward move following the pattern. On the upside, 16,800 once again acted as a major hurdle. After facing resistance at this level, the index once again turned in a corrective mood. Now we can see Nifty consolidating in the range of 16400-16800 in the next few trading sessions. For this, important support is visible at 16200.
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