Today i.e. in the trading session of March 22, there was a strong recovery in the Indian equity market. Sensex-Nifty managed to close with gains of more than 1 per cent on the back of strong buying in Auto Bank IT, Oil and Gas stocks. At the end of trading, the Sensex closed at 57,989.30, up 696.81 points, or 1.22 per cent. On the other hand, Nifty closed at 17,315.50 with a gain of 197.90 points or 1.16 percent.
Vinod Nair of Geojit Financial Services It is said that today the market started with a fall. The market was open under pressure due to rising crude oil prices on the market and signs of tightening monetary policy from the US Fed, but with the European markets opening on a positive note, the domestic market also changed its gear and saw a strong comeback. Got it Markets were once again buoyed by signs of a peace initiative from Ukraine.
How can the market move tomorrow?
Sachin Gupta of Choice Broking Says that the market closed in the green mark at the end of trading, recovering from all its initial fall. Nifty closed at 17,315.50 with a gain of over 1 per cent. On the other hand, Bank Nifty closed at 36348.55 with a gain of 330 points.
On the technical front, Nifty formed a bullish candle after taking support at the 50 per cent retracement level and moved above the 50-day EMA. Nifty is showing signs of strength in the coming days. All other technical indicators are also indicating that the market will remain bullish. Support for Nifty is at 17,000 while resistance is visible at 17,470. On the other hand, there is 35,700 support for Bank Nifty and resistance at 37,000.
Rahul Sharma of Equity 99 Says that after strong buying in Reliance and HDFC, we got a good rebound in the market today. Recovery in the Indian market after morning’s fall is a good sign. We expect volatility in the market to continue until the crude oil prices stabilize and the situation in Ukraine improves. Investors would be advised to keep an eye on the rising cases of COVID as we may see its fourth wave as well. Investors should maintain adequate liquidity with them for the coming days.
Gainers & Losers: Market closed with gains amid ups and downs, today these stocks showed the most action
Strong support is seen for Nifty at 17,280. If this level breaks, then Nifty can be seen moving towards 17200. If this level is also broken, then Nifty can go to the level of 17,120. On the upside, resistance is seen for Nifty at 17,350. If Nifty crosses this level then we can see it moving towards 17,455 -17,550.
,